Marconi, the struggling telecoms company, saw its share price fall by 50 per cent today after warning market conditions had worsened and it had failed to secure a crucial bank deal. The former stock market star, which has axed thousands of jobs and seen its share price collapse to 8.9p over the last year, said market conditions had continued to deteriorate. ... Chavan Bhogaita, of Bear Stearns, said: "The failure to secure the (bank) facility at this stage has made the situation more urgent and the company must do something very, very soon to prevent a complete collapse in its share price." ... "We will be seeking a meeting ... in order to formulate a rescue package should it be required in order to avoid the collapse of the company." Marconi shares slump 50% |
