Marconi debt restructuring work scoops 18m for A&O

Allen & Overy (A&O) is set to reap a massive 18m of fees through advising recovering telecoms giant Marconi – 2m more than the original estimated billings of all the law firms involved in the complex restructuring.

Clifford Chance (acting for a 27-strong syndicate of banks) and the bondholders’ lawyers Bingham McCutchen originally were together expected to bill around 16m.

It was understood that all the advisers on Marconi’s debt restructuring were billing 500,000 a week, giving lawyers an estimated final tally of 16m, based on the original 31 January completion date.

Although that date has now moved to 15 March, A&O is now expected to grab the lion’s share of the fees.