Conseco Sells Former Green Tree Finance Unit For $1 Billion
Conseco Inc., Carmel, Indianapolis, has sold its finance subsidiary, Conseco Finance Corp., in a Chapter 11 sale that culminated March 5 in a winning bid of $1 billion.
Upon emergence from Chapter 11, Conseco will be engaged exclusively in the insurance business, the company says.
In 1998, Conseco bought Green Tree Financial Corp., Minneapolis, which became Conseco Finance, for $6 billion.
The proceeds from the sale of its finance unit are expected to be used to satisfy the creditors of Conseco Finance Corp., the company says.