http://www.theaustralian.com.au/bus...s/news-story/56b5f86b4731230effdfd3d30daa7b06
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Slater & Gordon has drafted in corporate adviser Grant Samuel in a move that may suggest the company is becoming increasingly nervous about its debt position.
The law firm is in the middle of negotiations with its bankers over restructuring plans following a reported $958.3 million loss for the six months to December.
Grant Samuel’s appointment came after the law firm hired Bryce Houghton as chief financial officer in November. Mr Houghton is said to be close to Grant Samuel and has worked with the advisory firm in the past.
Grant Samuel has provided debt capital market advice to a slew of firms, advising Navitas on a $400m capital structure and debt refinancing deal in 2014.
It has also advised APN News & Media, Whitehaven Coal and Iluka Resources on debt extensions or capital structures.
It is unclear what the advisory firm’s role is, but it is likely the firm will be helping Slater & Gordon restructure its debt covenants to create headroom and prevent any breach of debt-to-equity ratios, which could prompt the banks to call in its loans...."
