As if the news could not get any more lethal, Marconi, said it had taken legal advice to ensure that its bankers cannot scupper an agreement struck two months before its July profits warning to give it access to a new E3bn ($2.7bn) debt facility.
None of the banks have given the company any cause to think they may recall the offer, yet for those who are exposed it is best they cover themselves for any eventuality. The deal is thought to contain no significant financial covenants. Therefore preventing the banks from turning on the agreement.
