Finance spanner thrown in the Marconi works

NEWS A refinancing deal for Marconi has been delayed as creditors try to get their heads around a restructuring plan presented last month by the ailing group. It was hoped an agreement could be reached in time to announce alongside full-year results this Thursday but the ongoing talks now look likely to yield no resolution until next month. Marconi's creditors who are owed £4bn have been in talks with the telecommunications equipment maker but according to the Financial Times serious talks over the details of a refinancing package are only likely to begin next week - until now the restructuring of Marconi has been the topic of informal conversations. However, according to sources quoted by the FT, it is unlikely that putting Marconi into administration will be considered at any of the talks.