Conseco Inc., Carmel, Ind., received an extension on interest due on $1.5 billion in debt and $500 million in obligations on directors and officers loan programs executed in 1997, 1998 and 1999.
The forbearance agreement runs through Nov. 26. The company exercised a 30-day grace period to meet interest obligations on the debt on Aug. 9. On Sept. 9, a waiver was granted by creditors extending the period through Oct. 17.
At press time, calls to Conseco and a representative of the bondholders had not been returned.
Reproduced from National Underwriter Life & Health/Financial Services Edition, October 21, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.