Speculation has been mounting that Steve Hare will stand down as a result of the company’s life-saving deal, which executives believed was the only way to stave off administration. Banks are said to blame him for spending six months seeking alternatives to such a radical restructuring plan before being forced to admit defeat.
However a company spokesman refused to confirm or deny that Hare’s departure was imminent. ‘I have no comment to make,’ he told AccountancyAge.com.
Marconi’s £4.9bn debt restructuring deal will see the current listed company, Marconi plc, wound up though the group expects to apply for a listing on both the London and NASDAQ markets through its wholly owned subsidiary, Marconi Corporation plc.
Shareholders will lose most of their investment, and will instead receive 0.5% of the share capital of Marconi Corporation post restructuring.
The deal is still subject to the approval of the creditors and further due diligence by the banks and bondholders and is expected to be finalised in November 2002. An agm is expected to take place in early October.
Leonard Curtis Business Solutions Group has opened a new office in Glasgow – the first Scottish office for the professional services provider
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal