RBG Holdings PLC (AIM:RBGP), the embattled law firm, has said that it continues to trade and has the support of its principal creditors while it explores ‘ongoing opportunities to strengthen its balance sheet’.
Discussions are ongoing with its lender and other parties over its options, which are now well advanced it said in a statement.
“Should an agreement be reached on the terms currently being negotiated, the board anticipates the company will have sufficient cash headroom for the foreseeable future.
"In the event the company cannot reach an agreement with its principal creditors, it will need to explore alternative financing options immediately."
Earlier this week, RBG said it had terminated its agreement with founder Ian Rosenblatt over breaches of a consultancy agreement and restrictive covenants.
RBG said Rosenblatt bought a company registered as a firm of solicitors last year and in December changed its name to Rosenblatt Law Limited while also hiring Tania MacLeod, until recently head of dispute resolution at RBG's Rosenblatt and a board director.