Marconi restructuring gets go-ahead

Marconi restructuring gets go-ahead

Creditors of embattled telecoms company Marconi have approved its £4bn restructuring.

Link: Marconi restructuring plan set for approval

The High Court is ready to sanction the deal, provided some minor amendments are made, the BBC online reported today.

As a result the company will now re-list on the London Stock Exchange in a week’s time as the renamed Marconi Corporation.

The restructuring deal will see a £4bn debt-for-equity swap with the banks and bondholders get their hands on 99.5% of the company.

Ordinary shareholders will be left with just 0.5% of the business.

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