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Court Lets Conseco Sell Finance Unit

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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.

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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.