Marconi debt restructuring delayed again

18 Mar 2003

Debt-ridden equipment manufacturer Marconi has once again put its debt restructuring programme on ice, this time until the end of May. The company has already postponed its GBP4 billion debt-for-equity swap twice since the start of the year. Once completed the restructuring will see Marconi’s creditors take control of 99.5% of the firm, which will be transformed into a new entity known as Marconi Corporation; the remaining 0.5% will be left in the hands of existing shareholders.