India's IL&FS appoints advisers for debt resolution plan

IL&FS Engineering and Construction

22/10/2018 11:34

MUMBAI, Oct 22 (Reuters) - The board at India's
Infrastructure Leasing and Financial Services Ltd (IL&FS) said
on Monday it has appointed two advisers for assisting them in
its debt resolution exercise.
    The newly appointed board has chosen advisory firms, Arpwood
Capital and JM Financial Consultants, which will provide
financial and transaction advisory as well as "undertake
valuations across divestments and monetisation", the company
said. 
    The six-member IL&FS board was formed to revive the
financier and infrastructure developer, which has 348
subsidiaries and 910 billion rupees ($12.4 billion) of debt.  
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    In a court-led process earlier this month, the government
replaced the entire board with its own set of people in order to
find an early resolution to a debt-default driven crisis.
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    The board also appointed consultancy firm Alvarez and Marsal
as restructuring advisers to the group, it said.
    
    ($1 = 73.4650 Indian rupees)

 (Reporting by Promit Mukherjee, Editing by Sherry
Jacob-Phillips)
 ((promit.mukherjee@thomsonreuters.com; +91-22-6180-7516;
Reuters Messaging:
promit.mukherjee.thomsonreuters.com@reuters.net))