Conseco Announces Plan To Reduce Debt by $3 Billion.Conseco Conseco (NYSE: CNO), originally Security Life of Indiana, is a financial services organization based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million customers in the Inc., Carmel Car·mel also Car·mel-by-the-Sea A city of western California on Carmel Bay at the southern end of the Monterey Peninsula. It is an artists' and writers' colony and a popular tourist spot. Population: 4,130. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. ., said it plans to reduce its debt by more than $3 billion over three years, thereby meeting its debt obligations. The beleaguered be·lea·guer tr.v. be·lea·guered, be·lea·guer·ing, be·lea·guers 1. To harass; beset: We are beleaguered by problems. 2. To surround with troops; besiege. company plans to repay $1.52 billion in bank debt and $1.56 billion in public debt, as well as sell nonstrategic assets and reduce the operations of Conseco Finance, its lending subsidiary. Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. C. Wendt, who joined Conseco as chairman and chief executive officer after company founder Stephen Hilbert resigned in June, started these initiatives. To begin chipping away at the company's much-discussed debt, Conseco has targeted $2 billion in assets to be sold. More than $700 million of proceeds have already been realized, with total proceeds expected to exceed $1 billion by year end, the company said. In the past four years, Conseco's bank and public debt increased to about $5.9 billion, the company said. The restoration plan will cut Conseco's debt from 41% of total capital to less than 25%, as well as allow Conseco to meet its debt obligations and improve the capital structure without impacting its core businesses, Conseco said. |
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