Following the announcement today of the group’s £5bn equity for debt deal, a spokesman confirmed Hare would continue as financial director, and that there were no plans for him to leave ‘at this time’.
Hare’s possible resignation had been the subject of recent speculation, even though he had played a significant role in reducing the group’s debt burden after taking over the FD position following John Mayo’s departure last year.
The restructuring deal will leave shareholders with only 0.5% of the company – at their height, shares in Marconi were trading at £12.50; today they were worth only 2.6p.
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
Smith & Williamson has been appointed administrators of charity 4Children