On Monday, the listed firm announced to the Australian Securities Exchange that it had received a ‘positive and clear endorsement’ of its new business plan from lenders, with a revised debt facility now established that will give Slater & Gordon until May 2018 to start paying back its loans. The terms of the new agreement will see the firm pay back AUS$480m to lenders in fiscal-2018 and a further $360m in fiscal-2019. The firm has also agreed to increase the frequency of its report to lenders, to restructure its debt facilities as ‘term loans’, and to hold off paying any dividends. Slater & Gordon’s long-suffering share price almost doubled on the news of the fresh debt deal, lifting from 29.5c to 59c per unit on Monday.

Sources: Sydney Morning Herald; Law Society Gazette