Wendt's efforts to ease the company's $6 billion debt load are in trouble:
-- Payments of $500 million on bank debt and bonds are due in September and October. But Conseco (CNC) had only $152 million in cash at the end of 2001, so it will have to sell assets.
-- Creditors have sued to block the restructuring of $1.5 billion in bank debt because they are not being repaid quickly enough.
-- Bondholders may not agree to swap all $2.54 billion of bonds due between 2002 and 2008 for longer-term debt.
-- Moody's has the company's debt on downgrade watch, and S&P is on negative outlook.
Data: Conseco, BusinessWeek