The newly-reconstituted board of directors of Infrastructure Leasing and Financial Services (IL&FS) has appointed two financial and transaction advisors (FTAs), as well as a restructuring advisor, for developing and executing a resolution plan for the crisis-hit non-banking financial company. The board has appointed Arpwood Capital and JM Financial Consultants as FTAs to the IL&FS group, after evaluating proposals from several investment banks and advisory firms, a company spokesperson said. Alvarez & Marsal has been appointed by the board as the restructuring advisor for the group. The two FTAs will advise the board on financial-transaction decisions and are responsible for undertaking a valuation of any proposed disinvestment and/or monetisation decision that the new board might take in the coming weeks. Alvarez & Marsal will assist the board in maintain(ing) strict controls on and managing liquidity on a day-to-day basis at all levels in the group, evolving a resolution plan, and management of stakeholders as regards the resolution at the time of the implementation, stated the spokesperson.
IL&FS board appoints financial, restructuring advisors for turnaround plan
