Congoleum Corp. Agrees to $17 mill insurance settlement

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Congoleum Corp. Agrees to $17 mill insurance settlement

elymiles

23rd August 2006

Congoleum Corp. on Tuesday said Century Indemnity Co. will pay $16.95 million to a trust set up for asbestos-related claims after the company signed a settlement agreement.

Congoleum said the payment will be subject to various requirements and a motion for bankruptcy court approval of this settlement was pending.

Congoleum filed a voluntary petition seeking relief under Chapter 11 of the United States Bankruptcy Code, to resolve claims asserted against it related to the use of asbestos in its products several years ago.

The company has so far reached more than $207 million in insurance settlements, and negotiations are pending with other exxess insurance carriers.