Marconi restructuring gets go-ahead
Creditors of embattled telecoms company Marconi have approved its £4bn restructuring.
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.