NEW YORK - Trading of Conseco Inc.'s stock has been suspended by the New York Stock Exchange, and the shares may be delisted, the exchange said Monday.
The announcement came three days after Conseco's chief executive officer, Gary C. Wendt, said that the beleaguered Carmel, Ind., insurer and consumer finance lender would temporarily be unable to make interest payments on $45 million of its $6.5 billion of outstanding debt.
Conseco is teetering on the brink of bankruptcy. Its stock, which uses the ticker symbol CNC, last traded on Thursday at just 34 cents a share - down 92% from the beginning of the year.
A delisting application has been filed with the Securities and Exchange Commission, but Conseco has 10 days to appeal the decision to suspend trading of its stock.
