NU Online News Service, Jan. 29, 4:50 p.m. – Conseco Inc., Carmel, Ind., today announced actions it says it is taking to generate $750 million to $800 million in cash needed to meet 2002 debt obligations.
The actions include:
- Repurchasing bonds at discount on the open market.
- Reinsuring parts of the supplemental health and life insurance blocks of business.
- Selling the variable annuity business.
- Finding a joint venture partner for the manufactured housing floorplan business.
- Expanding a bank line at Conseco Finance Corp.
- Doing whole loan sales on some home equity and home improvement receivables.
- Selling non-core assets.
Gary Wendt, Conseco chief executive, reports in a memorandum that Conseco has already received bids for the VA unit and expects to announce a deal by March 31.