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.