June 29, 2017 / 3:50 AM / 3 months ago

Australia's Slater and Gordon enters recapitalisation deal; MD steps down

June 29 (Reuters) - Australian law firm Slater and Gordon Ltd on Thursday said it would enter a recapitalisation deal that would give almost full ownership of the company to its lenders.

Under the recapitalisation deal, the lenders, led by Anchorage Capital, who own more than three-fourth of the beleaguered company’s secured debt, will get 95 percent of the company’s equity, the company said in a statement.

The company added that Andrew Grech will step down from his position as group managing director, effective immediately. (Reporting By Shashwat Pradhan in Bengaluru; Editing by Himani Sarkar)

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