CONSECO <CNSC.O> EMERGES FROM BANKRUPTCY
Conseco Industries Ltd said
an order of confirmation of its reorganization plan has been
signed in its Chapter 11 bankruptcy proceedings, terminating
its status as a debtor in possession.
    Conseco said under the plan, general creditors and
debenture holders will receive 27 pct of their claims over a
two-year period and president Charles J. Trainor will pay
250,000 dlrs for 2,500,000 new shares.
    The company said debenture holders will have 30 days to
convert their debentures into common shares.
    It said it has arranged for two mln dlrs of new bank
financing.
 Reuter
