Marconi default expected
As equipment maker Marconi sees its customer list shrinking and suffering, the vendor has chosen not to pay the interest on two outstanding Euro bonds due on March 30.
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That move likely will cause a swap of debt for equity, which would leave bondholders in control of the ailing company. As of 2:37 EDT, Marconi’s stock was trading just above 20 cents, down 11 cents today.
--Liane LaBarba, senior editor
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© 2012 Penton Media Inc.
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