Mercerville, NJ, August 15, 2006--Congoleum Corp., reported today that it has filed a modified plan and disclosure statement with the Bankruptcy Court following court ordered global mediation negotiations.
Roger S. Marcus, chairman of the board, commented, "The plan we have just filed reflects the considerable progress we believe was made with the parties during the last two months. This plan has the affirmative support of all asbestos creditor classes and we believe it resolves issues that impeded previous plans. I am pleased we have accomplished this and optimistic that the plan will receive the votes required. A hearing on the disclosure statement for this plan is scheduled for September 21, 2006, which we hope will lead to a confirmation hearing in early 2007 and our emergence soon thereafter."
