Dewey & LeBoeuf in discussions with its bankers over 9-figure debt

Troubled US firm Dewey & LeBoeuf has confirmed that it is in discussions with its bankers concerning the large debt that stands on the firm’s accounts. The firm’s client list remains healthy, with revenues for January and February up 28% on the same period last year, but the firm is servicing a nine figure debt. The debt includes a $125m bond issue raised in 2010, which matures next year, and also a line of credit that could – according to rumour – be withdrawn in just two weeks. 37 partners, or 12 per cent of the partnership, has left the firm this year; and the firm has undergone an overhaul of its leadership, shifting the current chairman to London and sharing his role with four other partners.

Dewey & LeBoeuf in discussions with its bankers over 9-figure debt rollonfriday.com Wed, Apr 4, 2012