Published: October 15, 2009
Investment Dar has appointed Mike Grant as chief restructuring officer on a consultancy basis to help with its financial restructuring.
Grant, a partner at London based turnaround consultancy Aaronite Partners, brings over 20 years of specialist restructuring experience to the company and has led some of the largest and most complex restructuring projects of recent times; having been appointed to senior positions in Eurotunnel, Railtrack, the UK Government and Cable & Wireless.
The appointment of a chief restructuring officer is a key element of the standstill agreement, announced at the end of September, which the company is encouraging all of its banks, investors and investor clients of The Investment Dar Bank to enter into and which has already been agreed with members of the coordinating committee.
Together with the executive management of the company, Grant will co-lead all matters required to negotiate and implement a consensual restructuring plan, following ongoing discussions between the company and the coordinating committee.