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A complete restructure at legal giant Slater & Gordon is expected to see a large deleveraging of the firm, reducing its debt by hundreds of millions of dollars – but to do this, it is estimated 95% of the equity in the company will be moved to a new lending group. According to The Financial Review, four key lenders, representing more than 75% of Slater & Gordon's debt, support the proposal and are pushing to have it enacted via a scheme of arrangement before the end of June. The four funds - Anchorage Capital, Davidson Kempner, York Capital Management and Taconic Capital would take about 95% of the company's equity. [Anchorage, alone, has more than 50% of the debt]. These four funds have hired law firm Gilbert+Tobin's distressed debt team and AlixPartners, which specialises in turnarounds, to advise them on the restructure.

slater gordon

Source : www.afr.com

Peter Crush for Consultor.news

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