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Judge OKs Conseco Finance Unit Reorganization Plan

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NU Online News Service, June 20, 2003, 12:59 p.m. EDT – Conseco Finance Corp., a unit of Conseco Inc., Carmel, Ind., has received preliminary approval for its bankruptcy reorganization plan from a U.S. bankruptcy judge in Chicago.

Conseco must win approval for a reorganization plan for the parent company before it can get final approval for the finance unit reorganization plan, Conseco says.

Conseco, a company that has been selling consumer loans as well as insurance, hopes to sell the consumer finance unit and focus on its insurance business. The company already has found buyers for the finance unit assets.

The sale of the finance unit assets should close within the next week, Conseco says.