ExCeL says the parties involved are working together with a view to concluding the re-capitalisation by the end of the year.

Under the terms of the re-capitalisation, ExCeL will receive a total of £25m of new equity from Visionary Properties, some of which has already been advanced, and the bonds will be restructured to include a partial write-down, interest moratorium and extension of the amortisation profile.

"This agreement will provide us with the basis on which to build a strong and stable future, " said Jamie Buchan, ExCeL's CEO. "On completion ExCel will be well funded with borrow-ings at a sustainable level."

ExCeL is a world class venue with an increasingly attractive range of on-site hotels, restaurants, pubs and bars, said Buchan, and I believe the new capital structure will ensure that London's premier venue is now positioned to realise its full potential.

The news was welcomed by the British Marine Federation (BMF), whose subsidiary, National Boat Shows (NBS) organises the London International Boat show.

"We're very pleased to see that significant steps gave been taken to secure ExCeL's financial security and wellbeing for the future, " said BMF chief executive, John Clarke.

Buchan went on to confirm the 1000-capacity Fox@ExCeL pub-restaurant has now opened and a Thai restaurant will follow in January.

The Holiday Inn, ExCeL, is ahead of schedule, he said, and will open in May, at the same time as both the Travel Inn and the second major pub, the Fox@Connaught.

Further bars and restaurants, together with the Ramada, Novotel and Ibis hotels will open during 2003 as planned.