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 May 15, 2003
Commission file number: 0-30924
MARCONI PLC
(Exact name of Registrant as specified in its Charter)
4th Floor
Regents Place
338 Euston Road
London
NW1 3BT
(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.
Marconi plc
RESTRUCTURING UPDATE
Permanent Injunctions and Orders of the US Bankruptcy Court Granted; Further
Positive Step in the Restructuring
London - 15 May 2003 - Marconi plc ("plc") (MONI) announces that permanent
injunctions and orders of the US Bankruptcy Court have been obtained in respect
of the plc and Marconi Corporation plc ("Corp") schemes of arrangement. It is
expected that the schemes of arrangement for Corp and plc will become effective
and legally binding on Corp and plc and their respective scheme creditors on 19
May 2003 (the "Effective Date").
It is expected that dealing in plc shares will cease at 4.30 p.m. on 16 May 2003
after which the plc shares will be de-listed. The pro rata entitlements of plc
shareholders on the register of members as at close of business on 16 May 2003
to new Corp shares and warrants, will also be determined as at this date. It is
expected that trading in the new Corp securities will commence on the morning of
the Effective Date.
It is expected that a Corp scheme creditor with an admitted scheme claim of
GBP 1 million on the Effective Date will be entitled to receive an initial
distribution of the following:
Cash GBP 64,321
Principal amount of new senior notes $135,759
Principal amount of new junior notes $92,169
Number of new Corp shares 188,359 shares
It is expected that a plc scheme creditor with an admitted scheme claim of
GBP 1 million on the Effective Date will be entitled to receive an initial
distribution of the following:
Cash GBP 9,587
Principal amount of new senior notes $23,492
Principal amount of new junior notes $15,949
Number of new Corp shares 32,594 shares
The scheme rate should be used to convert admitted scheme claims into Pounds
Sterling if claims are in US Dollars or Euros as follows: GBP 1 per $1.6107 and
GBP 1 per EUR 1.3949.
New Notes to be issued
In relation to the application for listing by way of a programme of Corp US$1
denominated senior notes and junior notes, expected to commence trading on 19
May 2003, it can be confirmed that the maximum number of notes that may be
issued under the programme is 1,650,054,833. This number is made up of the
maximum number of senior notes that may be issued, plus the maximum number of
junior notes that may be issued, including all junior notes that may potentially
be issued by way of payment in kind for the duration of the programme.
ENDS/...
About Marconi plc
Marconi plc is a global telecommunications equipment and solutions company. 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.
Copyright (c) 2003 Marconi plc. All rights reserved. All brands or product names
are trademarks of their respective holders.
Contacts
Name: David Beck / Joe Kelly Heather Green
Title: Public Relations Investor Relations
Phone: +44 (0) 207 306 1771 +44 (0) 207 306 1735
+44 (0) 207 306 1490
joe.kelly@marconi.com heather.green@marconi.com
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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: Company Secretary
Date: May 15, 2003