Hundreds of millions of dollars of losses have been realised as Westpac, NAB and other lenders have sold their Slater & Gordon debt to investors Anchorage Capital Group and others.

The identities of the acquirers have not been officially announced, nor has the news been made official that most of the debt was sold for a rumoured 25 cents in the dollar.

Slater & Gordon has officially announced that 94% of its debt has been traded.

The next step will likely be that the new debt owners will become new shareholders, possibly with management retaining an incentivising stake.