INTERCO TO SELL SHARES IN CONVERSE AS SEPARATE ENTITY
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).