Business Services Industry
This Just In.(Conseco Finance to discontinue financing for Champion Enterprises Inc.)(Statistical Data Included)
Crain's Detroit Business, March, 2002
Champion Enterprises, financier part ways Auburn Hills-based Champion Enterprises Inc. and independent retailers that sell Champion manufactured homes have lost a key financing source. Conseco Finance, part of Indianapolis-based Conseco Inc., said it plans to discontinue financing new wholesale inventory after March 31.
A management report from Champion Chairman, President and CEO Walter Young estimated that Conseco provides about 25 percent of the $3 billion currently needed to finance the industry's wholesale inventory - the inventory in place at retailers before being sold to consumers. Conseco has been shrinking its industry wholesale lending business during the past year. Therefore, the news that it would discontinue financing didn't come as a...
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