NU Online News Service, Sept. 10, 2003, 9:26 p.m. EDT – Conseco Inc., Carmel, Ind., says the U.S. Bankruptcy Court in Chicago has confirmed its reorganization plan.
The confirmation clears the way for Conseco to emerge from Chapter 11 reorganization, the company says.
Conseco filed for bankruptcy court protection in December 2002 after years of struggling to overcome weak results at its consumer finance unit and other problems. The reorganization will eliminate $5.2 billion in debt and trust preferred securities. The reorganization also will split Conseco’s life and health insurance operations from its consumer finance unit.
Two outside companies have agreed to buy the consumer finance unit.
Company executives describe the new, reorganized Conseco Inc. as the parent of insurance companies that “help protect working American families and seniors from financial adversity.”
The reorganized company will sell Medicare supplement insurance, cancer insurance, heart/stroke insurance, accident insurance, annuities and life insurance, the executives say.
Links to the final reorganization plan and other documents related to Conseco’s reorganization are posted at http://www.bmccorp.net/conseco