In July 2017, top lenders to Essar Steel Ltd. met in Mumbai to discuss pitches by restructuring firms that wanted to run the steelmaker’s for the nine months during the insolvency period. They looked at technical and financial merits of the firms and decided to go with Alvarez & Marsal India.
Not because the U.S.-headquartered turnaround specialist offered to take up the job for the least amount of money—it didn’t. But because it had successfully managed large stressed firms. Other consultancy firms offered to do it for a lower fee but Alvarez & Marsal had the maximum experience, a former public sector banker present in that meeting told BloombergQuint—he spoke on the condition of anonymity as details aren’t public. Read More