Mercerville, NJ, November 9--Congoleum said it has filed a modified plan of reorganization and related documents with the Bankruptcy Court.
The modifications reflect negotiations with representatives of the Asbestos Creditors' Committee, the Future Claimants representative and other asbestos claimant representatives. A hearing to consider approval of the disclosure statement and plan voting procedures has been scheduled for December 9, 2004.
Roger S. Marcus, Chairman of the Board, commented "As we have worked toward resolving our asbestos situation, certain parties raised concerns with our existing reorganization plan. We decided to spearhead negotiations in response to those concerns and are pleased to have reached consensus, which will result in an even more solid plan.
"With this new plan, we are all the more positive about regaining momentum toward confirmation. As did our initial plan, the modified plan leaves non-asbestos creditors and shareholders unimpaired. We hope to distribute voting materials for the new plan before the end of this year, and are confident that the modified plan should enjoy widespread acceptance.
"After allowing ample time for the plan voting and tabulation process, we are optimistic that our plan can be confirmed in the second quarter of 2005."
