Stricken telecoms group Marconi yesterday unveiled the final details of a life-saving financial overhaul.

The debt-for-equity swap, which will shift control from shareholders to Marconi's banks and bondholders, was first revealed in August.

But discussions on "detailed issues" had put the brakes on progress and led Marconi to twice postpone the announcement of its interim results.

Today the group revealed it had concluded modifications to the restructuring and now expected the deal to be completed by March 15.

Chief executive Mike Parton said: "Today's announcement represents a significant step towards the conclusion of our financial restructuring.

"The timetable gives us a clear path to our emergence before the end of our financial year.

"Customers, suppliers and employees can be reassured by the progress we have made."

The group also announced that John Devaney, a former chairman of logistics group Exel, had been appointed chairman.

He will replace Derek Bonham, who became interim chairman of Marconi in September 2001. The group had already announced that Mr Bonham intended to stand down.

Mr Bonham, who will remain with the company while the restructuring is completed, said his replacement brought a wealth of managerial experience with him.

Marconi has been forced to overhaul its finances after going on a spending spree at the height of the hi-tech boom.

That transformed it into a pure telecoms company but also raised debt levels, while the subsequent telecoms downturn then saw sales and profits fall away.

Over the past year, Marconi has slashed thousands of jobs in a bid to curb costs while also selling off a raft of non-core businesses.

Commenting on the restructuring, Marconi said it had secured an agreement with the syndicate banks and informal bondholder committee on the revised proposals.