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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).