Marconi restructuring approved by creditors

By Carlise Newman

Chicago, April 25 - Marconi plc said creditor groups of itself and Marconi Corp. plc voted overwhelmingly to support its financial restructuring.

Creditors for Marconi plc voted 99.98% in favor of its plan and creditors for Marconi Corp. voted 99.97% in favor.

In order for the schemes of arrangement to become effective and legally binding, U.K. court orders sanctioning the schemes must also be obtained. The U.K. court hearing to sanction the schemes is scheduled for May 12.

The company also needs permanent injunction orders of the U.S. bankruptcy court and to satisfy or obtain waivers of all other conditions under the working capital and performance bonding facilities.

The U.S. court hearing is scheduled for May 14.

Marconi expects the schemes will become effective on May 19.

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