March 06, 2003 at 07:00 PM
NU Online News Service, March 6, 2003, 5:17 p.m. EST – Conseco Inc., Carmel, Ind., has sold its finance subsidiary, Conseco Finance Corp., for $1 billion to CFN Investment Holdings L.L.C., New York, and a unit of General Electric Company, Fairfield, Conn.
Conseco plans to use the proceeds from the sale to satisfy the creditors of Conseco Finance.
Conseco acquired Conseco Finance, formerly known as Green Tree Financial Corp., in 1998 for $6 billion.
Conseco recently filed for Chapter 11 bankruptcy court protection because of problems at the finance unit. Conseco says it plans to focus exclusively on the insurance business once it completes the sale of the unit and emerges from Chapter 11 proceedings.
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