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bankruptcy

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It was the third largest bankruptcy in US history. In December 2002, with debts of almost $7 billion, Conseco, the insurance and finance company based in Carmel, Indiana, had filed for Chapter 11 bankruptcy protection. But on September 9, after a 10-month period of reorganization, a new Conseco quietly emerged from the ashes of the old.

The news is nothing short of remarkable for several reasons, not least the sheer scale of the turnaround. Despite expectations that bondholders would lose their

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