Interco Announces Restructuring Details: The footwear and...
From Times Staff and Wire Reports
Interco Announces Restructuring Details: The footwear and furniture maker will ask its bondholders to exchange their bonds for 95% of the company’s common stock and other consideration under a complicated restructuring plan. The plan is designed to restructure the $1.9-billion debt that has plagued the St. Louis-based company for the past two years. It calls for the company to undertake a 23.5-for-1 reverse stock split of Interco’s roughly 38.7 million shares of common stock, issue 98 million new shares of stock and take on $202 million in new debt.
