Getting your Trinity Audio player ready...
As part of its restructuring plan, Bally Manufacturing Corp. is offering common stock and prepaid interest to cover defaults on some of its debenture interest and preferred stock dividends. The Chicago casino and hotel operator asked debt holders to accept Bally Manufacturing common stock in exchange for the interest and dividends it owes on its 10 percent convertible subordinated debentures due 2006, 6 percent convertible subordinated debentures due 1998, and Series D convertible exchangeable preferred stock. The move is another attempt by Bally to buy more time to pursue its previously announced restructuring plan, the company said.
