Congoleum to receive $2.47 million tax refund following IRS claim settlement

By Caroline Salls

Pittsburgh, Sept. 21 - Congoleum Corp. obtained court approval of a settlement with the Internal Revenue Service that allows the company to deduct a $759,955 IRS claim from its $3.23 million tax refund, according to a Friday filing with the U.S. Bankruptcy Court for the District of New Jersey.

As a result, the IRS will pay Congoleum $2.47 million, plus interest, to be used for general operating expenses.

According to the filing, the $759,955 claim stemmed from a penalty related to Congoleum's $3.23 million tax overpayment.

Congoleum, a Mercerville, N.J.-based flooring company, filed for bankruptcy on Dec. 31, 2003. Its Chapter 11 case number is 03-51524.

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