Marconi seeks extension of £4.5bn overdraft

Troubled firm seems to think it will be around after March 2003... though concedes it will be still be heavily indebted...

Troubled firm seems to think it will be around after March 2003... though concedes it will be still be heavily indebted...

Marconi has entered into talks with its lenders over extending its £4.5bn overdraft. A syndicate of lenders, headed up by Barclays and HSBC and including Royal Bank of Scotland and JP Morgan Chase, is now in talks with Marconi, despite the ailing company denying last month it would ever seek such action, according to the Financial Times. Marconi's current facility is set to expire in March 2003. When or whether Marconi is likely to expire is not yet clear.