The Chief Exec ,Andrew Grech, and directors have also been shown the door and the deal looks like this according to the FT
Under the recapitalisation deal, Slater and Gordon’s lenders, which collectively own three-quarters of the company’s secured debt, will be issued with 95 per cent of its equity. Existing shareholders will be left with the remainder. Some of the firm’s existing senior secured debt will be restated as a A$30m ($23m) senior debt facility with a three-year term, while the lending group will also provide a A$40m working capital facility.
That’s just the precis !
The Financial Times reports the full kit and kaboodle https://www.ft.com/content/28b29659-5c15-3ec7-948e-b4530e3a3f45
