Hearing Set on Conseco Asset Sale

A hearing on the sale of the assets of Conseco Financial Corp., St. Paul, Minn., has been scheduled for March 5 by the U.S. Bankruptcy Court in Chicago.Its soon-to-be-former parent company, Conseco Inc., Carmel, Ind., made the announcement in conjunction with the filing of its reorganization plan with the court. If the plan is approved, Conseco Inc. will only be in the insurance business. CFN Investment Holdings LLC -- an investor group consisting of Fortress Investment Group LLC and Cerberus Capital Management LP, both of New York, and J.C. Flowers I LP, Montgomery, Ala. -- has agreed to buy Conseco Financial. If approved, CFN will pay an amount equal to that of Conseco Finance's outstanding secured debt as of the closing date of the deal.