Marconi says debt won't sink it

...because it has the mother of all overdrafts...

Troubled telecoms equipment maker Marconi insists its will still have access to a £1.8bn overdraft agreed before last month's profit warning. Company lawyers have checked the deal to ensure the banks stick to their promises. The loan can be extended by Marconi until 2003. The news pushed Marconi shares to a 28 year low at 38p. Ratings agency Standard & Poor's also took a dim view downgrading Marconi's status to junk bond status at BB. Shareholders have reacted with fury to reports that outgoing CEO Lord Simpson will receive a £1m payoff. They are expected to veto any such payment.