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Article Excerpt
Conseco Inc., the beleaguered, debt-laden insurance holding company, filed for Chapter 11 protection on Dec. 17, becoming the third largest U.S. bankruptcy on record, behind Worldcom and Enron.
The long anticipated action still had state insurance regulators assuring consumers that the company s insurance operations were sound and annuity distributors hand-holding concerned agents. These agents, according to interviews, want information to determine whether they should advise their clients to stay with Conseco or move to other carriers.
Conseco had $51.18 billion in liabilities and $52.29 billion in assets as of Sept. 30, 2002. It has $6.5 billion in debt and has been getting extensions from debt holders since Aug. 9.
Conseco says the bankruptcy proceeding will help facilitate a restructuring. In addition to Conseco's filing, Conseco Finance Corp., the finance arm of Conseco, entered into a separate Chapter 11 filing and reached an agreement in principle to sell its assets to CFN Investment Holdings LLC....
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