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Conseco Finance Unit Files Reorganization Plan

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NU Online News Service, April 2, 2003, 3:18 p.m. EST – Conseco Finance Corp., a unit of Conseco Inc., Carmel, Ind., says it has filed its proposed reorganization plan with the U.S. bankruptcy court in Chicago.

The court has scheduled a hearing on the plan and the disclosure statement that accompanies it for April 30.

“The company expects the court to approve the disclosure statement at the conclusion of that hearing,” Conseco says in a statement about the filing.

Conseco recently arranged the sale of the 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 parent company’s reorganization plan calls for the parent company to use the sale proceeds to ease its debt load and focus exclusively on the insurance business.

The text of the reorganization plan and disclosure statement are available at