Conseco to Miss Bond Payments
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Conseco Inc., saying Chairman Gary Wendt’s turnaround effort has failed, won’t make some bond interest payments as the insurance and finance company asks lenders to restructure its $6.5 billion in debt.
The value of Conseco’s common stock probably will be wiped out, said Colin Devine, an analyst for Salomon Smith Barney Inc.
Conseco hired Lazard and law firm Kirkland & Ellis to meet with its bankers and creditors to see if a restructuring of its debts can be accomplished without a bankruptcy filing.
Trading in the stock was delayed on the New York Stock Exchange to allow Conseco to make its announcement. The shares never opened.
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