Congoleum Corporation’s Plan of Reorganization
Consummated
July 08, 2010 05:03 PM Eastern Daylight Time
WELLESLEY HILLS, Mass.--(EON: Enhanced Online News)--American Biltrite Inc. (NYSE Amex: ABL)
reported today that the bankruptcy reorganization plan of its former majority-owned subsidiary Congoleum
Corporation became effective as of July 1, 2010. By operation of the reorganization plan, American Biltrite’s
ownership interest in Congoleum was eliminated and new shares in Congoleum have been issued to certain of
Congoleum’s prepetition creditors. American Biltrite will cease including Congoleum in its consolidated results for
periods beginning on or after July 1, 2010, the plan effective date.
Roger S. Marcus, Chairman of the Board, commented “Congoleum’s reorganization process was long and difficult,
and we are pleased to have it concluded. Although American Biltrite’s ownership interest in Congoleum was
eliminated in the reorganization, we will continue to provide management services under a two year agreement that
we entered into with Congoleum pursuant to the Congoleum plan of reorganization. We are optimistic about
Congoleum’s prospects and look forward to working with the new ownership.”
Warning regarding forward-looking statements and certain risks
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 forward-looking statements
are based on American Biltrite’s expectations, as of the date of this release, of future events. American Biltrite
undertakes no obligation to update any of these forward looking statements, except as may be required by the
federal securities laws. Although American Biltrite believes that these expectations are based on reasonable
assumptions, within the bounds of its knowledge of its business and experience, there can be no assurance that actual
results will not differ materially from expectations. Any or a