Marconi debt: a done deal

16 Dec 2002

Beleaguered equipment vendor Marconi has finalised an agreement for the restructuring of GBP4 billion of debt. Marconi said it expects to retain GBP724 million in cash on completion of the plan which will leave shareholders with 0.5% of the group. The announcement came as the company unveiled a 32% slide in interim sales year-on-year to GBP992 million for the six months to 30 September. Marconi has also appointed three board members including new chairman John Devaney.