Bankruptcy And Debts

Consolidation Debt Mortgage Congoleum Corp., maker of flooring products, said it has reached a tentative agreement with lawyers representing more than 75 percent of 13,000 asbestos-related claimsagainst the company. Congoleum faces total liability for asbestos complaints of $53 million to $196 million.

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Consolidation Debt Help Also yesterday, Congoleum said losses widened in 2002 to $29.8 million, or $3.60 a share, from losses of $1.6 million or 20 cents per share in 2001.

Bankruptcy is a court process that allows an individual or business to get relief from their debts. The ultimate goal of bankruptcy is to give the individual or business a fresh financial start while being fair to creditors. How Can a Business File for Bankruptcy Chapter 7 and Chapter 11. Once bankruptcy proceedings are started (whether through Chapter 7 or Chapter 11), creditors cannot attempt to collect debt from the business until the bankruptcy process has ended.

Consolidation Credit Debt In January, Congoleum announced its intention to settle with claimants and file for Chapter 11 bankruptcy protection - a strategy expected to help save the business.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary among states. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or lien on it.

Bill Consolidation Debt "Additional effort and challenges lie ahead, but we believe we are proceeding successfully with our plan to put the asbestos problem permanently behind us in 2003," said Roger S. Marcus, chairman of the board, in a statement yesterday.

Chapter 7 Bankruptcy involves the selling off (or "liquidation") of a business' property to pay off debts. The bankruptcy process starts when the business files a petition with the bankruptcy court. The petition must list all of the business' property, debts, and recent financial history. The court will then appoint a trustee who will sell off some of the business' property to help pay the business' debts. Some debts will be discharged by the trustee, meaning that the debts will not have to be paid. Other debts are not dischargeable including recent taxes, debts in prior bankruptcy, and penalties payable to the government.

Consolidation Debt Quote He said the company has recorded a charge of $17.3 million in its 2002 results for resolution of asbestos liabilities through a reorganization. The company has also recorded a $10.5 million non-cash goodwill impairment charge. The asbestos and goodwill charges account for virtually all the increase in the net loss from 2001 to 2002, the company said.

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Consolidation Debt Lead Congoleum in Hamilton has two manufacturing plants and an office employing about 500. Company officials have said the asbestos claims stem from products discontinued in 1983 or before. The company has said it expects its insurance to pay for up to three-quarters of the claims.

Consolidation Debt Non Profit "Even without the asbestos issue, we faced a very challenging environment last year," Marcus said in his statement. "Our sales performance in that climate demonstrates that our product development and marketing strategies are enabling us to gain market share."

Consolidation Debt Loan Online The company reported 2002 sales of $237.2 million, up 8.4 percent from $218.8 million in 2001.

Consolidation Debt Home Loan Marcus cited a decline in sales to the manufactured housing business, owing to a slump in that market, and said both Home Depot and Sears discontinued selling Congoleum's products. The company cited significant increases in pensions, medical costs, and property and casualty insurance.

Christian Consolidation Debt On the positive side, Congoleum established a business relationship with Lowe's Home Improvement Stores and continued working to introduce its new DuraStone flooring product.

Consolidation Debt Information Cash flow from operations in 2002 increased $10 million, leaving Congoleum with a year-end cash balance of $18 million.

Agency Consolidation Debt Marcus said that cash and an additional $17 million available through a credit agreement "should provide us more than adequate resources to execute both our business and asbestos restructuring plans in 2003."

Consolidation Debt Solution The company's $29.8 million net loss included a $17.3 million charge for asbestos liabilities

California Consolidation Debt The new asbestos lawsuit agreement also seeks to leave non-asbestos creditors unimpaired and would resolve all pending and future personal injury asbestos claims against Congoleum, its distributors and affiliates.

Consolidation Debt Loan Uk Legal experts agree that courts are overwhelmed with asbestos cases. Asbestos fibers can lead to lung cancer. The fibers can also scar the lungs and cause heart failure. More than 3,000 products from Spackle to toasters contain asbestos, according to the American Lung Association.

Consolidation Debt Equity Home Trenton Times - 4/2/2003

Topic: Toxics

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