Infrastructure Leasing & Financial Services (IL&FS), which is in the midst of evaluating options to minimise further debt defaults, has appointed advisers to assist the recently-appointed board in monetising assets and preparing a resolution plan.
The board of directors has appointed Arpwood Capital and JM Financial Consultants as financial and transaction advisers to the group while Alvarez & Marsal has been appointed restructuring advisers.
“At a meeting of the board of directors of Infrastructure Leasing & Financial Services Ltd. held last week, the board has considered it important to harmonise all asset-monetisation activities, including ongoing initiatives, and to undertake the same in a transparent and speedy manner aligned with the broader objective of optimising the interests of different stakeholders,” IL&FS said in a statement.
Arpwood Capital and JM Financial Consultants will act as financial and transaction advisers as well as undertake valuations across divestments and monetisation.
Further, Alvarez & Marsal will assist the board in maintaining strict controls on and managing liquidity on a day-to-day basis while also making a resolution plan and managing all the stakeholders at the time of implementation of the resolution plan, as per the statement. The company — along with its 348 subsidiaries — is facing a liquidity crisis with debts totalling almost ₹90,000 crore.