NEWS Marconi has sold off its medical systems business to Royal Philips Electronics as it battles to stave off bankruptcy. The $1.1bn sale will wipe out almost a quarter of the company's $4.28bn debt-mountain. Mike Parton, CEO of Marconi, has set a deadline of reducing debt to between £2.7bn and £3.2bn by the end of next March.
Marconi cuts debts by £1bn - £3.28bn to go
It's going to take more than a raffle and a bake sale...
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