Marconi marking time


The clock is running down for telecoms equipment manufacturer Marconi, with its ratings taking a further battering in recent weeks and the debate over the company’s future becoming increasingly polarised.

Marconi has debts of $5.9 billion: a £2.2 billion ($3.2 billion) bank loan with Barclays Capital and HSBC, maturing in March next year, and $2.7 billion of outstanding bonds, the first of which matures in 2005. It has built up a $1.5 billion cash pile through asset sales. Marconi’s banks ha

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