ISAACS STOCK CONVERSION: I.C. Isaacs & Co. said Tuesday that an investment vehicle controlled by Marithé and François Girbaud last month converted 3.3 million shares of Isaacs preferred stock into common stock. As reported in May, the vehicle, Textile Investment International SA, took a 36.8 percent stake in Baltimore-based Isaacs, which holds the license for Marithé & François Girbaud jeans and associated sportswear in the U.S. As part of the deal, the Girbauds agreed to change the terms of the preferred stock so that it could only be converted into common shares. Previously, the stock could also be converted into debt. Isaacs also said it had finalized an agreement with Congress Financial Corp. to extend its $20 million revolving line of credit through the end of 2004.
This story first appeared in the January 2, 2003 issue of WWD. Subscribe Today.