Listed Australian firm Slater and Gordon has presented its business case to lenders but has yet to publicly reveal what it plans to do.
Slater and Gordon, which announced annual losses of almost £500m in February, had until the end of March to show its bankers that it could turn around performance. It has not revealed if such an agreement has been reached. Slater and Gordon’s shares closed down 9.4% today, at A$0.24 (£0.13).
The firm has yet to reveal how many of its 3,800 UK staff may lose their jobs as part of the restructuring. If lenders are not satisfied with proposals they can call in outstanding debts by April 2017, although there is no suggestion at this stage that is the case.
Meanwhile in the UK, the firm expressed its disappointment at a campaign from a rival practice apparently encouraging Slater and Gordon clients to move to it.
North Wales firm PSR Solicitors, a personal injury specialist, posted a blog on its website last week entitled ‘Why You Should Transfer Your Case From Slater & Gordon’.
PSR founder Paul Rossiter told the Gazette that the firm had tweeted a link to an article about Slater and Gordon and added some lines about the possibility of transferring cases to another firm of solicitors. The post was removed within 30 minutes.
A Slater and Gordon spokeswoman said: ‘We are pleased that PSR Solicitors have come to their senses.’