Slater & Gordon lenders take a haircut
The main lenders to embattled law firm Slater & Gordon have sold 94% of their loans at a significant loss to a consortium of distressed debt investors.
Westpac, National Australia Bank, Royal Bank of Scotland and Barclays banks have accepted losses of 70% to 80% on their loans, according to the Financial Times.
S&G and the new senior lenders said a planned debt-for-equity scheme of arrangement would be in the best interests of stakeholders.
The arrangements confirm that shareholders in S&G will bear the brunt of a... For the full story register now for free or login below...