IL&FS board appoints advisors to develop debt resolution plan

The government appointed board has selected two financial and transactions advisors and a restructuring advisor for the debt-ridden IL&FS.

The government appointed board has selected two financial and transactions advisors and a restructuring advisor for the debt-ridden IL&FS. 
 
The two financial advisors to the IL&FS group are Arpwood Capital Pvt Ltd and JM Financial Consultants Pvt Ltd, while the restructuring advisor is Alvarez & Marsal.
 
The selection, which is meant to develop and execute a resolution plan for IL&FS, was made after evaluating investment banks and advisory firms.
 
In its previous meeting, seven-member IL&FS board had discussed to harmonise all asset monetisation activities, including ongoing initiatives.
 
Meanwhile, the Infrastructure Leasing & Financial Services (IL&FS) group has redesignated its Chief Financial Officer (CFO) Dilip Bhatia as Chief Strategy Officer for generating better asset sale.
 
The debt-ridden company has been in headlines since September month after revelations of a series of defaults by its group companies, followed by resignations of its Managing Director and Chief Executive Officer Ramesh Bawa, and several other independent board members.
 
The debt-ridden company Infrastructure Leasing & Finance (IL&FS) in now under the control of the government.
 
The government has constituted a panel headed by Kotak Mahindra Bank’s CEO and Managing Director Uday Kotak, with five other members — ICICI Bank chairman Girish Chandra Chaturvedi, ex Sebi chief GN Bajpai, former IAS officer Vineet Nayyar, Malini Shankar and Nanda Kishore.
 
Source: Businessline, MoneyControl & other media reports

Add new comment