MERCERVILLE, NJ--(Marketwire - 06/08/10) - Congoleum Corporation (Pinksheets:CGMCQ - News) today reported that the District Court of New Jersey has entered an order confirming Congoleum's Fourth Amended Plan of Reorganization. With the District Court's confirmation order, Congoleum will now proceed with the steps necessary to implement the plan.
Roger S. Marcus, Chairman of the Board, commented, "I am absolutely elated to see Congoleum's plan confirmed at last. It has been a long, difficult journey out of the complicated asbestos and insurance litigation we faced nearly nine years ago. I could not be happier about putting this chapter of our history behind us."
"Through their dedication and hard work, the employees of Congoleum have seen this company through not only this bankruptcy but also the worst economic downturn in a generation. This confirmation order rewards their efforts in putting our asbestos problems behind us, reducing our other debt, and giving the company a fresh start toward prosperity in the future."
Mr. Marcus concluded, "Consummation of our reorganization requires various transactions such as closing on our new financing arrangements. While we have been working on these steps, we could not complete them until the confirmation order was entered. We expect to complete these remaining steps and emerge from bankruptcy shortly."
The above news release contains certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks, uncertainties and assumptions. These statements can be identified by the use of the words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project" and other words of similar meaning. In particular, these include statements relating to intentions, beliefs or current expectations concerning, among other things, future performance, results of operations, the outcome of contingencies such as bankruptcy and other legal proceedings, and financial conditions. These statements do not relate strictly to historical or current facts. These forward-looking statements are based on Congoleum's expectations, as of the date of this release, of future events, and Congoleum undertakes no obligation to update any of these forward-looking statements.
Although Congoleum believes that these expectations are based on reasonable assumptions, within the
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