Cash-strapped telecoms equipment manufacturer Marconi has forged out a restructuring deal with its banks and bondholders which should allow it to repay its £4bn debt.
Accountancy Age, 16 Dec 2002
The financial restructuring is set to be completed on or before the 15 March, with information about the scheme to be made available in January.
The company has also announced the appointment of a new non-executive chairman - he is John Devaney, former chairma of logistics group Exel. In addition, Kent Atkinson and Werner Koepf will also join the board as non-executive directors of Marconi Plc and Marconi Corporation respectively.
Announcing the deal Mike Parton, chief executive of Marconi plc, said: 'Today's announcement represents a significant step forward towards the conclusion of our financial restructuring. The timetable gives us a clear path to our emergence before the end of our financial year.
'Customers, suppliers and employees can be reassured by the progress we havemade.'
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