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INTERCO TO SELL SHARES IN CONVERSE AS SEPARATE ENTITY
Published October 13, 1994
Converse Inc. will "go it alone" under parent company Interco's latest restructuring plan. Interco had planned to sell part of Converse in a public offering. "Instead, Interco will spin off Converse to shareholders as part of a plan to break itself into three separate public companies." The new plan will allow Interco to refinance all of its debt and "give Converse a better shot at raising equity capital in the future." Interco shareholders will get new Converse shares (Jerri Stroud, ST. LOUIS POST-DISPATCH, 10/13). OTHER SHOW NEWS: Sonics star Shawn Kemp is the latest to join the ranks of players with shoes named in their honor. Reebok and Kemp announced the creation of "Kamikaze Kemp's." Retail price: $70. Kemp: "We made it cheaper so kids could afford them. We didn't want them to have to come up with $120 like Jordan's. There's no gadgets. No air. I didn't want a pump on it. None of that Shaq stuff. I wanted it just basic" (SAN JOSE MERCURY NEWS, 10/13).