Printer Friendly

Marconi clears off debt.

TELECOMS equipment group Marconi celebrated another milestone yesterday after it wiped out the debt left over from its life-saving restructuring.

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. ''
COPYRIGHT 2004 MGN Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Date:Sep 3, 2004
Words:155
Previous Article:Money laundering scam costs bank heavy fine.
Next Article:Comet opens centre.


Related Articles
Marconi sale talks.
Marconi poised to sell Italian subsidiary.
Marconi rescue plan in the offing.
Marconi reveals near pounds 6bn losses; COMPANY STILL CLINGING TO SURVIVAL DESPITE ONE OF THE WORST SHOWINGS EVER FOR FIRMS.
pounds 1bn debt headache for banks.
Plan to rescue Marconi from pounds 4bn debt burden.
Marconi all-clear.
Marconi signs deal with BT.
Marconi to sell internet service to help company's recovery.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters