The troubled U.K. business of Australia-based Slater & Gordon, which became the world’s first publicly traded law firm a decade ago, will be divided from its parent into a holding company owned by the indebted firm’s senior lenders.
In an announcement to the Australian Stock Exchange on Aug. 31, Slater & Gordon confirmed that as part of a recapitalization deal with its creditors, the U.K. operations would be separated from the wider firm. The separate holding company will then be controlled by its senior lenders.
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