Class action law firm Slater and Gordon is set to be owned by a consortium of international hedge funds after agreeing to a bailout that will see it emerge with a new board and strategy.
The new plan, revealed on Thursday night, will involve hedge funds, led by Anchorage Capital swapping the debt they are owed by Slater and Gordon into a 95 per cent ownership of the company. That process is expected to be finalised in mid-November.
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