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Lenders Give Conseco More Time

By Staff Writer

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NU Online News Service, Nov. 27, 12:23 p.m. – Conseco Inc., Carmel, Ind., says its lenders have given the company until Jan. 11, 2003, to comply with the terms of the contracts governing its $1.5 billion credit facility and some of its other debt.

Conseco has been losing too much money to meet the financial stability standards in the credit and loan contracts, but the arrangements with the lenders, called “forbearance agreements,” keep the lenders from demanding that Conseco repay them immediately.

Conseco is still negotiating with its lenders about the possibility of restructuring its debt, the company says.

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