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Non-Tech : Conseco Insurance (CNO) -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (3360)	10/4/2000 12:21:54 PM
From: AK2004	Respond to of 4155

The Truthseeker, All that is not the best covenant I have ever seen but it is also not as bad as it sound either. All it means (since the decisions are not made based on future am best actions) is that the extension in the current form is till the end of march, 01. That gives cnc time to either: 1) renegotiate (most probable) 2) liquidate some business (probable together with 1) ) 3) refinance ( not sure ) 4) sell the company (also probable) The default would cause the losses for loan and bond holders and hence would be the very last resort. For bond investors it would be like choosing between 50 cents vs $1 and I doubt that 50 cents is more logical choice :-)) Regards -Albert