Marconi's new board has favoured JP Morgan as its principal UK adviser on the next round of restructuring ahead of UBS Warburg.

Sources at the beleaguered UK telecoms equipment provider said that JP Morgan has been in close talks with Mike Parton, new chief executive at Marconi, on ways to achieve the company's revised debt reduction targets. The company said earlier this week that it would sell at least £500m (€818m) of non-core assets.