Sources: Chargers Expected To Move To L.A. In '17 Yanks Set To Benefit From New MLB CBA Losing Revenue Sharing Could Cut A's Payroll More 'Canes Allowed To Withhold Some Financial Figures TFC Becoming MLS' Premier Franchise? Rockets Hire E-Sports Front Office Exec Orioles To Keep Season-Ticket Prices Flat Blackhawks Reward Fans For Watching At Bars A's Ballpark Talks To Pick Up Pace With New CBA? 76ers Postpone Game Due To Moisture On Court
ITT READY TO CONVERT BONDS OF FINANCE UNIT
Published January 12, 1995
ITT Corp., owner of Madison Square Garden, continued its "ambitious restructuring" as the company began its drive to convert $3.4B in bonds of ITT Financial Corp, into corporate bonds. ITT is in the "midst of remaking itself from a conglomerate into a company focused on insurance, manufacturing, lodging and entertainment." Part of the restructuring includes the agreement to buy Caesars World, Inc. and Madison Square Garden, and some analysts "expect the company to split up into three separate companies within two years" (Eben Shapiro, WALL STREET JOURNAL, 1/12).