Indiana-based Conseco Inc. expects its creditors to further extend an October 17 payment deadline, as it continues to negotiate with them in an effort to create a structured bankruptcy solution to its $6.2 billion debt problems. (see previous articles)
It was due to make interest payments on around $1.5 billion on August 9, but exercised a 30 day grace period, while it began discussions on how to restructure the company.
That period expired on Sept.8, putting Conseco in default with its creditors, but the banks involved waived the default provisions until the October date.
Following the departure of Gary Wendt as CEO, Conseco’s creditors indicated they were close to an agreement that would give them the ownership of the company in exchange for cancellation of most of the outstanding debts. However, no final agreement has been reached, making the extension necessary.
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