Conseco, Inc. issued a statement Wednesday about its upcoming debt maturation, saying short sellers and others have been disseminating misleading information.
“We refer investors to pages 7 and 46 of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, (filed last Monday) in which we indicated that: Conseco is currently in discussions with its bank lenders with respect to extension of its debt maturities.
Although no agreement has been reached, management is optimistic that appropriate extensions can be negotiated. Conseco has embarked on several courses of action with respect to its Conseco Finance Corp. subsidiary (including asset dispositions and restructuring of ongoing businesses), as well as an asset disposition program with respect to certain non-strategic assets at the parent company level.
These initiatives are designed to allow Conseco to reduce parent company debt over time. Conseco believes that the sale of non-strategic assets and the actions contemplated at Conseco Finance will generate cash proceeds of approximately $2.0 billion over the next 12 to 15 months. Please refer to the 10-Q for additional information.”
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