Allied Waste Converts Stock 2769

Rebekah A. Hall

Scottsdale, Ariz. – Shareholders of Allied Waste Industries Inc. have approved the converting of the company’s $1.3 billion Series A Preferred Stock for 110.5 million shares of common stock. Under this agreement, shareholders may not sell the common stock shares they received during the transaction for one year. The conversion was done in order to simplify the company’s balance sheet and accelerate progress toward investment grade attributes, the company states.