NEW YORK (CNN/Money) - Conseco Inc. offered a debt exchange program Monday under which most holders of its $2.54 billion of bonds will be asked to extend their repayment dates by up to two-and-a-half years.

The Indianapolis-based financial services firm said the new bonds will have extended maturities in exchange for a higher ranking in its capital structure and will be senior to its existing notes, an indication the company may not have sufficient access to capital markets to raise additional cash and repay debt.

Conseco extended the exchange offer only to qualified institutional buyers, such as mutual funds, and said it will expire April 12 at midnight ET.

The debt exchange offer follows a rocky week for Conseco. The company's CEO, Gary Wendt, said Thursday he fired the firm's chief financial offer because he was "not up to the job."

In addition, Moody's warned Wednesday it would slash Conseco's "junk" credit ratings two or more notches unless it shows it can generate enough cash to pay its debts.

The company, which is straining under $6 billion in debt, has until March 31 to present a cash plan to PriceWaterhouseCoopers so the auditor can issue an "unqualified" opinion on its 2001 financial statements, according to Moody's.

Shares of Conseco (CNC: Research, Estimates) gained 50 cents Friday to close at $4.05.