US Insurer in Third Biggest Bankruptcy

World | December 18, 2002, Wednesday // 00:00

Insurance and loans giant Conseco has filed the third biggest US bankruptcy after WorldCom and Enron, with $6.5bn (Ј4bn) in outstanding debts. The company, which was founded by encyclopaedia salesman Stephen C Hilbert, had already defaulted on bank and bond debts and had been expected to go bust. Conseco warned last month it might file for bankruptcy protection after reporting a quarterly loss of $1.77bn. Insurance subsidiaries were excluded from the filing and would continue to honour policies. The holding company was de-listed from the New York Stock Exchange in the summer and faces an investigation by stock market regulator, the Securities and Exchange Commission.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

World » Be a reporter: Write and send your article

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria