Insurance Firm Conseco Files for Bankruptcy

From Times Wire Reports

Conseco Inc. filed for bankruptcy protection to stem mounting losses and restructure more than $6 billion of debt incurred while the insurance and finance company acquired smaller rivals.

The Conseco bankruptcy, which was widely expected, is the third-largest U.S. Chapter 11 filing, after WorldCom Inc. and Enron Corp. The Carmel, Ind.-based company listed $52.3 billion in assets and $51.2 billion in debts in documents filed in bankruptcy court in Chicago.