Conseco Inc. announced an agreement with Chase Manhattan Bank and Bank of America to extend to Sept. 22, 2000, $155 million in loans to Conseco, and $145 million of guarantees by Conseco with respect to loans made to directors and officers of Conseco in connection with a stock purchase program.
“Although formal arrangements on the larger debt package with our banks are not final, we are gratified with the progress of our negotiations and are optimistic that a successful restructuring of our bank debt can be completed prior to Sept. 22, 2000,” Conseco said in a statement. “Obviously, the action taken by Chase and Bank of America today is a step toward allowing us to achieve the desired restructuring.”
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