Congoleum looks to extend DIP loan maturity to June 30, 2009

By Caroline Salls

Pittsburgh, Sept. 5 - Congoleum Corp. requested court approval to extend the maturity of its $30 million debtor-in-possession facility to the earlier of June 30, 2009 and the effective date of the company's plan of reorganization, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The DIP facility is set to mature on the earlier of Dec. 31 and the plan effective date.

The 10th amendment will also change the company's minimum EBITDA requirement to $12 million for fiscal years 2008 and 2009.

Congoleum will pay a $15,000-per-month amendment fee and a one-time $25,000 covenant modification fee.

If any objections are filed, a hearing will be held Sept. 29.

Congoleum, a Mercerville, N.J.-based flooring company, filed for bankruptcy on Dec. 31, 2003. Its Chapter 11 case number is 03-51524.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.