An £18.7m law firm that last month announced it was to enter administration is set to be rescued by a debt restructuring deal to be agreed next week, according to the website of legal business consultancy Assure Law.
A website article claims that north-west England firm Linder Myers, which employs 51 partners and 260 staff across five offices, is close to signing a deal with its creditors that will allow it to continue trading on a solvent basis.
Assure Law, the article says, has no intention of buying Linder Myers, but has simply been working with the firm for some weeks to help it ‘run the business and plot a path to growth’.
The debt restructuring deal, if agreed, will require an injection of new capital into the firm and will give creditors a more satisfactory deal than a pre-pack administration, the article adds.
Midland firm HCB has said that it has ended its interest in buying Linder Myers.
Assure Law is run by Tony Stockdale, a former managing partner of national accountancy firm Bentley Jennison. It has offices in London, Birmingham and Manchester.