A&O, CC rake it in on Marconi restructuring

The firms are part of a plethora of advisers – including US firm Bingham McCutchen, which is acting for the bondholders – that are currently billing a total £500,000 a week on the rescue bid to restructure Marconi's £4bn worth of debt.
PricewaterhouseCoopers (PwC), acting for the 27-strong syndicate of investment banks which are owed £2.2bn by Marconi, Deloitte & Touche, the company's auditor, and Greenhills, the US financial adviser to the bondholders, are also benefiting.
However, it is understood that Marconi's advisory fees could skyrocket further since Talbot Hughes, the insolvency specialist the company appointed in May, will be paid a success fee of £2m-£3m.
The success fee arrangement is believed to be similar to the scheme that Talbot Hughes, helmed by John Talbot, a former Arthur Andersen partner, and Chris Hughes, previously with PwC, negotiated when it acted on the reorganisation of Energis.
Also in line to benefit is Linklaters, which so far has racked up between £500,000 and £1m in fees acting for a small number of banks, including those connected to Marconi's employment share ownership plan.
Marconi announced last week that non-binding indicative heads of terms had now been agreed after its restructuring began in March.
However, the advisers are expected to continue working on the deal until November when the Companies Court, part of the High Court, will be approached to sanction the scheme of arrangement, containing the agreed details of Marconi's restructure.