Leading global professional services firm, Alvarez & Marsal (A&M), has won the 2020 Mega Company Turnaround of the Year Award from the Turnaround Management Association (TMA) for the historic operational turnaround of Essar Steel India Ltd. A&M India Managing Directors Nikhil Shah, Vivek Kamra and team are the recipients of the award.

The win cements A&M as a market leader for complex restructuring and turnaround cases in India and around the world. The team from Alvarez & Marsal managed the largest insolvency resolution process in India at Essar Steel with $7 billion of debt that led to the recovery of over 85% for financial creditors. The case further established India’s Insolvency & Bankruptcy Code (IBC) as a successful resolution framework.

The TMA Turnaround and Transaction Awards are a prestigious and significant recognition of the most successful turnarounds and impactful transactions globally. The awards are given after many rounds of diligence by an awards committee of 11 members representing a cross-section of restructuring professionals from TMA, who dedicate many months to assure that the nominated cases are properly vetted in a highly competitive field of excellent submissions.

About Alvarez & Marsal

Companies, investors and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action and results. Privately held since its founding in 1983, A&M is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services. When conventional approaches are not enough to create transformation and drive change, clients seek our deep expertise and ability to deliver practical solutions to their unique problems.

With over 4,500 people across four continents, we deliver tangible results for corporates, boards, private equity firms, law firms and government agencies facing complex challenges. Our senior leaders, and their teams, leverage A&M’s restructuring heritage to help companies act decisively, catapult growth and accelerate results. We are experienced operators, world-class consultants, former regulators and industry authorities with a shared commitment to telling clients what’s really needed for turning change into a strategic business asset, managing risk and unlocking value at every stage of growth.

To learn more, visit: AlvarezandMarsal.com. Follow A&M on LinkedIn, Twitter and Facebook.

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About TMA

The Turnaround Management Association (TMA) is the most professionally diverse organization in the corporate restructuring and renewal, and corporate health space. Established in 1988, TMA has almost 9,000 members in 52 chapters worldwide, including 32 North American chapters. Members include turnaround practitioners, attorneys, accountants, advisors, liquidators, consultants, as well as academics, government employees, and members of the judiciary. Visit turnaround.org for more information and to join.

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CONTACT: 

Jaison Rebello, PR Contact for A&M
Edelman, +91 8286939726, jaison.rebello@edelman.com

Sandra Sokoloff, Senior Director of Global Public Relations
Alvarez & Marsal, +1 917-940-8361

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