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.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
