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Marconi to emerge from bankruptcy on May 19
By Carlise Newman
Chicago, May 15 - Marconi plc said Thursday the schemes of arrangement for Marconi Corp. and Marconi plc will become effective and legally binding on May 19.
The announcement follows approval of the reorganization by the U.S. bankruptcy court. Marconi obtained U.K. court approval on Monday.
A Marconi Corp. scheme creditor with an admitted claim of £1 million will be entitled to receive £64,321 in cash, $135,759 of senior notes, $92,169 in junior notes and 188,359 new Marconi Corp. shares.
Marconi plc scheme creditors with claims of £1 million on the effective date will receive £9,587 in cash, $23,492 of new senior notes, $15,949 in junior notes and 32,594 shares of Marconi plc.
The scheme rate if claims are in U.S. dollars or euros are £1 per $1.6107 and £1 per €1.3949.
The maximum number of notes that may be issued under the plan is 1,650,054,833, including senior notes, junior notes and junior notes potentially issued by payment-in-kind.
Dealing in plc shares will cease at 4.30 p.m. ET on May 16, after which the plc shares will be de-listed. The entitlements of Marconi plc shareholders on the register of members as at close of business on May 16 to new Marconi Corp. shares and warrants will also be determined as at this date.
Marconi is a London-based telecommunications equipment company.
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