Marconi returns to plc status
Newly restructured telecom equipment maker Marconi has started trading on the London Stock Exchange.
Now known as the Marconi Corporation, the company has re-emerged from the brink of bankruptcy after creditors agreed to a restructuring plan for its £4bn debt pile.
Roughly eighty million shares are now being publicly traded, and at last count were worth 58p each after beginning trading in the morning at 60.5p, valuing the company at around £600m.
This is a far cry from its heyday of the late 1990s when the company’s market capitalisation was a whopping £35bn.
Two years ago, the company’s shares tumbled to the below the level of a penny stock, having once been worth £12.50 each.
Today chief executive Mike Parton said: ‘Our emergence today with a significantly improved financial position, substantial improvements in operating performance and a sharper focus on telecommunications equipment and services allows us to look to the future with greater confidence and optimism.’