(Reuters) - Australian law firm Slater & Gordon Ltd <SGH.AX> on Friday said a court had approved a recapitalisation scheme with its senior lenders and another to settle a class-action against the company by shareholders.
Slater & Gordon said in a statement it would lodge a copy of the Federal Court of Australia orders approving the schemes with the Australian Securities and Investments Commission (ASIC) on Friday, upon which they would take effect.
Earlier this year, Slater & Gordon reached an in-principle agreement to settle a class-action suit against the company and its directors, as well as related shareholder claims, for A$36.5 million.
With regard to one of the class actions led by investor Matthew Hall, the court awarded A$4 million and A$4.5 million respectively, for legal costs and litigation funding fees in favour of the Hall proceeding group.
Slater & Gordon said approval of the recapitalisation deal would lead to implementation of the deal announced in June this year, whereby its secured lenders would have almost full ownership of the company.
(Reporting by Susan Mathew in Bengaluru; Editing by Stephen Coates)
