Congoleum to File for Bankruptcy Protection

From Bloomberg News

Congoleum Corp., a maker of sheet and tile flooring, said it will file for bankruptcy protection to wipe out its current and future asbestos liability.

Congoleum said it seeks to emerge from Chapter 11 protection within six months after setting up a trust that will compensate claimants for health problems linked to asbestos in some of its products.

Shares of Mercerville, N.J.-based Congoleum rose a cent to 36 cents on the American Stock Exchange.

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