Troubled law firm reports near £500m half year loss
TROUBLED Australian law firm Slater & Gordon has reported a loss of nearly £500m after a massive writedown on the value of its UK business.
The listed company suffered another sharp fall in its share price on the news, which prompted the company to begin talks with its lenders over its debt pile of Aus $741m (£380.4m).
The stock was down as much as 43.4% in morning trading, falling below A$0.50 for the first time since the company listed in 2007, but later recovered to be 27.7% lower at A$0.60.
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