Marconi appoints team to negotiate £2.9bn debt
Marconi has appointed troubleshooter Allen Thomas to its board and hired restructuring company Talbot Hughes as advisors.
Thomas has a history of helping cash strapped companies, having acted as general counsel to the Municipal Assistance Corporation that bailed out New York City out of its financial crises in the 1970s.
He was also chairman of the Dialog Corporation, and oversaw its restructuring in March 2000.
Talbot Hughes is to lead Marconi’s negotiations over its £2.9bn debt with its banks and bondholders. The company has been advising Energis bondholders during a similar refinancing process.
In announcing the move Marconi chairman Derek Bonham admitted that Marconi much-need experience in these areas: ‘Both these appointments strengthen the company’s knowledge and experience in the financial talks we are now actively involved in,’ he said.
Marconi began talks with its creditors last week.