NU Online News Service, March 14, 2003, 6:47 p.m. EST – The U.S. bankruptcy court in Chicago today approved the efforts of Conseco Inc., Carmel, Ind., to sell its consumer finance unit for $1.1 billion to two companies.
The would-be buyers are CFN Investment Holdings L.L.C., New York, and a unit of General Electric Company, Fairfield, Conn.
Conseco says it wants to focus on insurance once it completes the sale of the finance unit.
Conseco filed for protection from creditors in December 2002. It has about $6 billion in debt.