SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the Month of November 21, 2002
Commission file number: 0-30924
MARCONI PLC
(Exact name of Registrant as specified in its Charter)
One Bruton Street
London W1J 6AQ
England
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.)
Yes No X
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
In order to utilize the "Safe Harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 (the "Reform Act"), Marconi plc ( the
"Company") is providing the following cautionary statement. Except for
historical information contained herein, statements contained in this Report on
Form 6-K may constitute "forward-looking statements" within the meaning of the
Reform Act. The words "believe", "anticipate", "expect", "intend", "estimate",
"plan", "assume", "positioned", "will", "may", "risk" and other similar
expressions which are predictions of or indicate future events and future trends
which do not relate to historical matters identify forward-looking statements.
Reliance should not be placed on such statements because they involve known and
unknown risks, uncertainties and other factors which are in some cases beyond
the control of the Company, together with its subsidiaries (the "Group"), and
may cause the actual results, performance or achievements of the Group to differ
materially from anticipated future results, performance or achievements
expressed or implied by such forward-looking statements (and from past results,
performance or achievement). Certain factors that may cause such differences
include but are not limited to the following: (1) any major disruption in
production at our key facilities; (2) changes in the environmental, tax and
other laws and regulations, which, among other things, could cause us to incur
substantial additional capital expenditures and operation and maintenance costs;
and (3) adverse changes in the markets for our products, including as a result
of increased competition in the highly competitive international markets for
such products. These and other risks, uncertainties and factors are discussed in
the Company's Registration Statement on Form F-1 and other filings with the
Securities and Exchange Commission, including this Form 6-K. Shareholders and
prospective investors are cautioned not to place undue reliance on these
forward-looking statements which speak only as to the Company's judgment as of
the date hereof. Any such forward-looking statements are not intended to give
any assurance as to future results. The Company undertakes no obligation to
publicly update or revise any of these forward-looking statements, whether to
reflect new information or future events or circumstances or otherwise.
21 November 2002
Marconi plc
Restructuring update
London, November 21, 2002 - Following the announcement by Marconi on 29 August
2002 of the indicative terms of the proposed financial restructuring, the
Company continues to make progress in documenting the transaction in conjunction
with a co-ordinating committee of syndicate banks and an informal ad-hoc
committee of bondholders.
The Company still expects to complete the restructuring in line with the terms
announced in August, including the initial cash distribution of GBP260 million,
of which GBP95 million has already been paid in the form of interest payments.
There are, however, a number of detailed issues that are being addressed which
have impacted the completion of the scheme documentation and listing particulars
required to launch the restructuring.
The delay in finalising the documentation means that the Company no longer
believes that the expected date for completion of the restructuring, 31 January
2003, is achievable. The Company is having constructive discussions with its
creditor committees regarding a new target date for completion within the first
quarter of 2003. The revised proposals will be considered by creditor
constituencies over the next few days and the Company expects to make a further
announcement in the near future. In the light of this delay, the Company has
decided to postpone publication of its interim results, originally scheduled for
26 November 2002, until Thursday, 5 December 2002.
Marconi's Board continues to believe that the proposed restructuring is in the
best interests of Marconi, and its stakeholders as a whole. The Board expects
that it will continue to receive the support of both the syndicate banks and the
informal ad-hoc committee of bondholders.
ENDS/...
About Marconi plc
Marconi plc is a global telecommunications equipment and solutions company
headquartered in London. The company's core business is the provision of
innovative and reliable optical networks, broadband routing and switching and
broadband access technologies and services. The company's customer base includes
many of the world's largest telecommunications operators. The company is listed
on the London Stock Exchange under the symbol MONI. Additional information about
Marconi can be found at www.marconi.com.
This press release contains forward-looking statements with respect to products,
partners, customers, future growth and other matters. Please refer to the Form
20-F report and Form 6-K reports filed by Marconi plc with the United States
Securities and Exchange Commission for a discussion of risks that could cause
actual results to differ materially from such statements.
Copyright (c) 2002 Marconi plc. All rights reserved. All brands or product names
are trademarks of their respective holders.
Contacts
Name: Joe Kelly/David Beck
Title: Public Relations
Phone: +44 (0) 207 306 1771
joe.kelly@marconi.com
Name: Heather Green
Title: Investor Relations
Phone: +44 (0) 207 306 1735
heather.green@marconi.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MARCONI PLC
By: ____M Skelly____
Name: M Skelly
Title: Secretary
Date: 21 November 2002