GLOBAL AGENCY TO DRAW RE­VIVAL PLAN FOR IL&FS

Financial Chronicle - - FRONT PAGE -

Global turn­around man­age­ment firm Al­varez & Marsal will be the agency that will iden­tify and plug the loop­holes in debt-rid­den IL&FS and pre­pare a com­pre­hen­sive re­port on the cor­rect pic­ture of the mess that the com­pany is in. In that process, the com­pany will also de­velop a com­pre­hen­sive re­struc­tur­ing plan for the trou­bled NBFC.

AC­CORD­ING to sources, Al­varez & Marsal is also likely to do due dili­gence of IL&FS as­sets which would be put on block and also come out with a cor­rect es­ti­ma­tion of the value of its as­sets.

Al­varez & Marsal (A&M) is a global pro­fes­sional ser­vices firm no­table for its work in turn­around man­age­ment and per­for­mance im­prove­ment of a num­ber of large, high-pro­file busi­nesses such as Lehman Broth­ers, HealthSouth, Tri­bune Com­pany, War­naco, In­ter­state bak­eries, Tar­get, Dar­den Res­tau­rants and Arthur An­der­sen. The firm had ear­lier helped re­vamp Jet Air­ways In­dia in 2015 and is now work­ing on re­struc­tur­ing Es­sar Steel.

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