A restructuring plan for Conseco Inc.’s finance subsidiary, as well as a program to sell or run off several non-strategic assets, is underway. The plan calls for eliminating five business lines, reducing costs by more than $150 million, and positioning Conseco Finance to be a positive cash contributor going forward. The near-term issues being confronted include repayment of debt as due, particularly that scheduled for the next 12 months; restoration of credit ratings, particularly the A.M. Best rating, which was decreased to “B++” during the second quarter; and repositioning Conseco Finance so that it will be a cash generator to-rather than a user from-the parent company.
Was this article valuable?
Here are more articles you may enjoy.
California Smoke Damage Act Would Enable Wildfire Victims to Expedite Claims 
World’s Growing Civil Unrest Has an Insurance Sting 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles From This Issue
