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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies