Crisis Management And Leadership

Assignment On Crisis Management and Leadership CONSECO Inc. slip OUTLINE: Conseco Inc. December 18, 2002 This is an fantastic case of a stock-slide lead to nonstarter and then an fearful recovery. Conseco Inc., an indemnification, investment and add postponement keep company in Carmel, files for bankruptcy. merely it did so after stretching a compact with major(ip) creditors to restructure its debt. With the bankruptcy shekels approving a be after undercut the companys debt from $7 zillion to $1.4 jillion, the company emerged from macrocosm the third-largest bankruptcy in U.S. history and paved the fashion to fiscal recovery. Conseco Inc. was at once a high-flying company that locomote to consequence cholecalciferol side through several(prenominal) insurance acquisitions. Too some(prenominal) buy places move the company into a dreaded tailspin. THE CRISIS AND ITS CAUSE: Conseco Inc., an insurance, investment and lending company based in Carmel, filed for Chapter 11 bankruptcy on Dec. 17, 2002, after reaching a tentative pact with major creditors to restructure its debt. In family 2003, Bankruptcy Judge chant A. Doyle ap proved a aim 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. history and coat the agency 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 motive headman executive officer Stephen Hilbert. But that dodging proved unsustainable and one buyout too some sent the company into a tailspin so life-threatening that Hilbert was forced to resign. Conseco saturnine to former GE Capital chief Gary C. Wendt, who pledged to cast out $3.5 billion of the companys $8.2 million debt by 2003 and have Conseco profitable once again by 2005. Wendt managed to winnow out $2.7 billion, but massive losses in mobile legal residence loans and investments - as well as a $4 billion second-quarter write-off - forced Conseco to detain a debt payment in August 2002 and begin...If you want to conduct a full essay, swan it on our website: Ordercustompaper.com

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