Conseco Sets Plan to Sell Assets

Conseco Inc. will sell assets and take other steps to raise as much as $800 million and meet payments on $1.25 billion of debt maturing this year.

Chief Executive Gary Wendt said in a memo to shareholders that the finance and insurance company will sell its variable annuities unit, some of its loan holdings and other assets to raise cash, and will seek a partner for its manufactured housing floor-plan business.

Conseco also will buy back bonds at a discount, tap a credit line at its finance unit and free capital that can be used for debt payments by reinsuring parts of its supplemental health and life insurance lines.

Shares of Conseco fell 3 cents to $3.25 on the NYSE.