Bond holders will then have the option of exchanging their bonds for shares in privatized companies.

I felt like ripping out the bay window and exchanging it for shares of Dell Computer.

In a second stage of the program, the coupons can be exchanged for shares in state companies.

They could be exchanged for shares in the enterprises to be privatized.

Members' mutual rights were exchanged for shares in this new company.

Cook, though, isn't really interested in exchanging the options for actual shares.

The warrants, which can be exchanged for common shares of the company's stock, fell to $4.75, down one-half point.

Others are likely to offer employees the chance to exchange their stock options for shares of restricted stock, pay consultants said.

This ambitious scheme did not gain enough support to proceed, although some landowners offered to exchange land for shares.

Also, a $100 million portion of the debt would be exchanged for new preferred shares in September 1990.