Marconi restructuring plan set for approval
Creditors of collapsed telecommunications and equipment maker Marconi are expected to vote in favour of its £4bn refinancing on Friday.
Link: Marconi shuffles board
According to a report in the FT, 90% of the company’s creditors – made up of banks and bondholders – will give the plan the thumbs up.
They will, in return, be paid a three-part package made up of cash payments totalling £435m, £788m in new bond issues and 99.5% of the equity.
Shareholders will receive just 0.5% of the company’s new equity.
As part of the restructuring plan, Marconi is set to delist from the London Stock Exchange on 16 May, and will become known as Marconi Corporation on the 19 May.