Following the refinancing deal Marconi will have debts of only £300 million compared to the £4 billion it currently owes its banks and bondholders. Existing shareholders will receive warrants giving them the right to buy an additional 5% of the firm, when Marconi’s market capitalisation has risen to £1.5 billion. The company expects to complete the deal by January 2003.
Marconi is also looking for a new chairman following the resignation of interim chairman Derek Bonham.
