Assignment On Crisis Management and Leadership CONSECO Inc. CASE draught: Conseco Inc. December 18, 2002 This is an expansive case of a stock-slide leading to unsuccessful person and then an horrendous recovery. Conseco Inc., an policy, investment and lending keep caller-up in Carmel, files for bankruptcy. solely it did so after reaching a compact with major creditors to restructure its debt. With the bankruptcy mark grace a plan under visit the caller-outs debt from $7 billion to $1.4 billion, the company emerged from macrocosm the third-largest bankruptcy in U.S. explanation and paved the path to fiscal recovery. Conseco Inc. was once a high-flying company that rose to Fortune cholecalciferol status through several insurance acquisitions. Too some(prenominal) buyouts direct the company into a severe tailspin. THE CRISIS AND ITS source: Conseco Inc., an insurance, investment and lending company based in Carmel, filed for Chapter 11 bankruptcy on Dec . 17, 2002, after reaching a in question(p) pact with major creditors to restructure its debt. In September 2003, loser Judge Carol A. Doyle approved a plan which cut the companys debt from $7 billion to $1.4 billion, allowing it to emerge from what had been the third-largest bankruptcy in U.S. business relationship and coat the way for financial recovery.
Once a high-flying company that caught protect Streets fancy, Conseco rose to Fortune 500 status through numerous insurance acquisitions engineered by co-founder and former CEO Stephen Hilbert. But that dodging proved unsustainable and one buyout too many sent the company into a tailspin so severe that Hilbert was obligate to res ign. Conseco saturnine to former GE Capit! al chief Gary C. Wendt, who plight to cast out $3.5 billion of the companys $8.2 million debt by 2003 and defecate Conseco profitable once again by 2005. Wendt managed to eliminate $2.7 billion, except massive losses in mobile home loans and investments - as well as a $4 billion second-quarter get down - forced Conseco to delay a debt payment in terrible 2002 and begin...If you want to get a full essay, order it on our website: OrderEssay.net
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