Marconi, the UK telecoms equipment manufacturer, will offer its banks and bondholders new debt and equity in Marconi Corporation, the group's new holding company, under the terms of its long-awaited financial restructuring.

The company, which has been under intense pressure this year to restructure its £4bn (€6.3bn) of debts to bondholders and banks such as HSBC and Barclays, will offer its existing shareholders 0.5% of Marconi Corporation's issued share capital.