UK telecoms equipment group Marconi is close to agreeing a £3bn refinancing package. The deal will give the company much needed breathing space and capital to pull itself out of trouble.
The agreement with bank creditors places two loans, which were due to expire in 2003, under a single umbrella loan which will expire in 2005.
Marconi is expected to use a proportion of the money to pay off some of its debts. Last week it spent more than £110m to buy back bonds with a face value of £200m.
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