First it was Greenhill, Citi and Macquarie Capital. Then came Grant Samuel.
And now, Street Talk can reveal, it is Moelis & Co.
Moelis & Co is understood to have jumped on the merry-go-round of financial advisers tending to embattled law firm Slater & Gordon, replacing the incumbents at a pivotal time for the law firm.
Slater & Gordon is in talks with its lenders ahead of a May 2018 refinance date. It owes banks $480 million in the 2018 financial year and another $360 million in the following 12-months.
However, the clock is ticking faster.
It is understood the company has until mid-to-late February to present a credible recapitalisation plan to its lenders, which is likely to result in either a big haircut for them or a substantial equity injection.
Distressed debt funds and special situations investors are monitoring the situation closely, with one source tipping Slater & Gordon debt to be worth 60¢ to 70¢ in the dollar.
Slater & Gordon came clean on the discussions with its banks last month, which was widely interpreted as a sure-sign it was set to blow one of its debt covenants as at the December 31 balance date.
Of course, Slater & Gordon has cut deals with its banks before and most recently as last May. On that occasion, the company agreed to new financial covenants, more-frequent reporting to lenders, and said it had agreed not to declare or pay any dividends.
The lenders, headed by National Australia Bank and Westpac Banking Corp, received an "amendment fee" in the form of cash or performance warrants.
Slater & Gordon had drawings worth $765.6 million at June 30 and $82.5 million cash on hand.
Its gross operating cash flow - receipts from customers less payments to suppliers and employees - was negative $78.3 million last financial year.
The firm's share price closed at 26¢ last week, which put its equity value at $92 million.
Moelis & Co is no stranger to recapitalisations. The company has worked for the likes of McAleese and Bis Industries in the past 12-months, and played leading roles in distressed situations including Nine Entertainment Co, Billabong International and Centro.
