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September 09, 2002 at 08:00 PM
NU Online News Service, Sept. 9, 4:25 p.m. – Conseco Inc., Carmel, Ind., says it has obtained a temporary waiver from banks holding $4.5 billion in credit agreements.
The waiver staves off demands for immediate repayment of the debt, which could have forced Conseco to file for bankruptcy court protection.
Conseco says the banks also granted a temporary extension of a previous waiver of the company’s debt-to-capitalization ratio, along with temporary waivers of “cross-default provisions” that could have led to demands for large, immediate payments related to certain loan guarantees.
The new waivers are set to expire Oct. 17, 2002, and the banks can revoke them at any time if more than half vote to do so, Conseco says.
