Marconi clears off debt.
The pounds 669. 5m outstanding from the overhaul 16 months ago has been paid back ahead of the 2008 deadline.
The rejuvenated company, which was left with the sum following a pounds 4. 7bn debt-for-equity swap in 2003, eliminated a potential pounds 55. 8m in annual interest charges through the early repayment.
With the exception of a small amount owed by subsidiaries, the announcement means Marconi is debt-free.
The company employs around 800 people at its plant in Edge Lane in Liverpool.
Chief executive Mike Parton said the ``re-emergence of Marconi'' had been completed through the repayment of the debt.
He added: ``The early pay down of all of our restructuring debt is an excellent achievement. We have emerged with a strong balance sheet and can now fully focus our efforts on growing our business. ''
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|Publication:||Daily Post (Liverpool, England)|
|Date:||Sep 3, 2004|
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