NU Online News Service, March 19, 2003, 11:06 a.m. EST – Conseco Inc., Carmel, Ind., is drumming up creditor votes for confirmation of its reorganization plan.
A bankruptcy judge in Chicago cleared the way for the vote Tuesday by approving Conseco’s reorganization plan disclosure statement.
The vote will end May 14, and the bankruptcy court will hold a hearing on confirmation of the plan May 28, Conseco says.
The plan already has won support from Conseco’s bankers, Conseco’s bondholders and the committee representing Conseco’s unsecured creditors, Conseco says.
Conseco recently arranged the sale of its troubled consumer finance unit to two companies. The companies, CFN Investment Holdings L.L.C., New York, and a unit of General Electric Company, Fairfield, Conn., have agreed to pay a total of $1.1 billion for two separate parts of the Conseco consumer finance unit.
The Conseco reorganization plan calls for the company to use the sale proceeds to ease its debt load and focus exclusively on the insurance business.
The text of the company’s reorganization plan and disclosure statement are available at http://www.bmccorp.net/conseco