Congoleum's $100 million settlement with insurance groups approved

By Lisa Kerner

Charlotte, N.C., Feb. 19 - Congoleum Corp.'s settlement agreements with nine insurance groups and the New Jersey insurance guaranty associations received court approval, according to an attorney close to the case.

As previously reported, under the settlements the insurance companies have agreed to pay $100 million to a plan trust to settle policies issued to Congoleum.

Of the $100 million payment, $97 million will be available for the payment of asbestos claims.

Congoleum, a Mercerville, N.J.-based flooring company, filed for bankruptcy on Dec. 31, 2003 in the U.S. Bankruptcy Court for the District of New Jersey. Its Chapter 11 case number is 03-51524.

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