Marconi to default on £72m payment

MARCONI is set to default on a £72m interest payment this week as it attempts to find a way of overcoming its £3bn debts crisis.

The payment for two eurobonds is due on 30 March. By defaulting, the telecoms equipment maker hopes it can persuade its bondholder and bank debtors that the cash is better spent on the business.

The company will attempt to negotiate a debt-for-equity swap.