After 12 failed attempts at a Chapter 11 reorganization plan that would set up a trust for tens of thousands of asbestos claims against Congoleum, a U.S. judge has reinstated the case and, in an unusual step, has withdrawn it from the bankruptcy court so he can handle the confirmation process himself.
A bankruptcy judge dismissed the Chapter 11 case earlier this year, fed up over the proponents’ repeated failure to address concerns about unequal treatment of claimants and $2 million in “facilitation fees” for claimants’ lawyers.
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