The Slater & Gordon Limited (ASX: SGH) share price was a non-starter on Thursday after the embattled law firm requested a trading halt.
Why were its shares placed in a trading halt?
The company requested the trading halt pending the outcome of applications made to the Federal Court of Australia regarding its creditors schemes of arrangement.
The law firm's shareholders recently voted in favour of the highly dilutive scheme that was necessary to avoid bankruptcy.
The dilution was so severe that shareholders which hold 10,000 shares will be left with just 100 once everything is approved.
Slater & Gordon's shares have unsurprisingly lost almost 85% of their value since the start of the year following its fall from grace.
Rival law firm Shine Corporate Ltd (ASX: SHJ) isn't having a great year either. Its shares are down by around 12% this year.
