Conseco CFO Quits as Debt Ratings in Peril
Conseco Inc.’s chief financial officer quit as a rating agency warned it would slash the insurance and loan firm’s credit ratings unless it shows it can generate cash to pay debts.
Its shares fell 15% to $3.75 on the NYSE.
The loss of finance chief Chuck Chokel, in the job for only a year, is the latest blow for the Carmel, Ind.-based company, which is straining under $6 billion in debt.
The company has been in trouble since its acquisition of loan firm Green Tree Financial in 1998, which bloated debts and led to an embarrassing reverse as it restated much lower profit.
Chokel said he was resigning to pursue other interests.
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