Marconi’s inbred optimism


breakingviews :: So Marconi has done its deal with its creditors. And, as expected, the banks and bondholders have ended up with the lion’s share of what value is left in the former high-flying telecoms manufacturer. Not only do the creditors receive £260m of cash and £900m of new debt instruments, but also 99.5% of the restructured group’s equity. Current shareholders get left with the stub.

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