New IL&FS Board Appoints Advisers For Debt Resolution Plan

The board at Infrastructure Leasing and Financial Services (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 Rs 91,000 crore ($12.4 billion) of debt.

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.

The board also appointed consultancy firm Alvarez and Marsal as restructuring advisers to the group, it said.

($1 = Rs 73.4650)