SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 6-K


                            Report of Foreign Issuer

                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934


                          For the Month of May 13 2003

                         Commission file number: 0-30924


                                   MARCONI PLC

             (Exact name of Registrant as specified in its Charter)


                                   4th Floor
                                 Regents Place
                                338 Euston Road
                                    London
                                    NW1 3BT
                    (Address of principal executive offices)


(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.)


                             Form 20-F X   Form 40-F


(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.)


                                   Yes   No X


              CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


In order to utilize the "Safe Harbor"  provisions  of the United States  Private
Securities  Litigation Reform Act of 1995 (the "Reform Act"),  Marconi plc ( the
"Company")  is  providing  the  following  cautionary   statement.   Except  for
historical information contained herein,  statements contained in this Report on
Form 6-K may constitute  "forward-looking  statements" within the meaning of the
Reform Act. The words "believe",  "anticipate",  "expect", "intend", "estimate",
"plan",  "assume",  "positioned",   "will",  "may",  "risk"  and  other  similar
expressions which are predictions of or indicate future events and future trends
which do not relate to historical matters identify  forward-looking  statements.
Reliance should not be placed on such statements  because they involve known and
unknown  risks,  uncertainties  and other factors which are in some cases beyond
the control of the Company,  together with its subsidiaries  (the "Group"),  and
may cause the actual results, performance or achievements of the Group to differ
materially  from  anticipated   future  results,   performance  or  achievements
expressed or implied by such forward-looking  statements (and from past results,
performance or  achievement).  Certain  factors that may cause such  differences
include  but are not  limited  to the  following:  (1) any major  disruption  in
production  at our key  facilities;  (2) changes in the  environmental,  tax and
other laws and regulations,  which, among other things,  could cause us to incur
substantial additional capital expenditures and operation and maintenance costs;
and (3) adverse  changes in the markets for our products,  including as a result
of increased  competition in the highly  competitive  international  markets for
such products. These and other risks, uncertainties and factors are discussed in
the  Company's  Registration  Statement  on Form F-1 and other  filings with the
Securities and Exchange  Commission,  including this Form 6-K.  Shareholders and
prospective  investors  are  cautioned  not to  place  undue  reliance  on these
forward-looking  statements which speak only as to the Company's  judgment as of
the date hereof.  Any such  forward-looking  statements are not intended to give
any  assurance as to future  results.  The Company  undertakes  no obligation to
publicly update or revise any of these  forward-looking  statements,  whether to
reflect new information or future events or circumstances or otherwise.




                                  Marconi plc

                              RESTRUCTURING UPDATE


     Confirmation of Currency Election on New Senior Notes and Scheme Rate

London - 13 May 2003 - Marconi plc ("plc") (MONI) announces that the new senior
notes to be issued pursuant to the Marconi Corporation plc ("Corp") scheme of
arrangement will be denominated solely in US dollars. Insufficient elections
were received for new senior notes to be issued in Euros. The aggregate amount
of new senior notes to be issued will be $717.1 million (GBP450 million).

Under the terms of the plc and Corp schemes of arrangement the scheme rate has
now been fixed at GBP1 per $1.6107 of admitted scheme claim and GBP1 per
EUR1.3949 of admitted scheme claim. The aggregate amount of potential scheme
claims (including the reserves set for each of the schemes), calculated at the
scheme rate, are estimated to be GBP5.3 billion at Corp and GBP4.9 billion at
plc.



Ends/...

About Marconi plc

Marconi plc is a global telecommunications equipment and solutions company. The
company's core business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access technologies and
services. The company's customer base includes many of the world's largest
telecommunications operators.

The company is listed on the London Stock Exchange under the symbol MONI.
Additional information about Marconi can be found at www.marconi.com.

Copyright (c) 2003 Marconi plc. All rights reserved. All brands or product names
are trademarks of their respective holders.

Contacts

Name: David Beck / Joe Kelly           Heather Green
Title: Public Relations                Investor Relations
Phone: +44 (0) 207 306 1771            +44 (0) 207 306 1735
+44 (0) 207 306 1490
joe.kelly@marconi.com                  heather.green@marconi.com
-----------------------                ---------------------------




                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                       MARCONI PLC



                                       By:     ____M Skelly____

                                       Name:   M Skelly
                                       Title:  Company Secretary


Date: 13 May 2003