Maxim Frangulov
Managing Director
Quick facts
19+ years of experience in business strategy and operating improvement advisory services, corporate restructuring and refinancing
Advised clients across a wide variety of industries, with a particular focus on the energy sector, banking, retail and consumer products
Contact info
Download V-Card
+7 495 988 7745
Connect on
Max Frangulov is a Managing Director with Alvarez & Marsal in Moscow. He brings more than 19 years of experience in business strategy and operating improvement advisory services, corporate restructuring and refinancing. His primary areas of concentration are the development and structuring of operational and financial solutions to maximize stakeholder value in corporate turnarounds. He has advised clients across a wide range of industries, with a particular focus on energy, banking, retail and consumer products.

Most recently, Mr. Frangulov led the A&M team assisting the equity holders and management of FESCO, one of the largest logistics, container and port operators in Russia, to prepare for the financial restructuring of its eurobonds and Russian debts.

Before that, he led the team of A&M professionals responsible for the stabilization and operational management of the OAT Group – the largest auto parts manufacturer in Russia and the key supplier of AutoVAZ.

Mr. Frangulov acted as Chief Restructuring Officer of CEDC, one of the largest spirits producers in the world. The team efforts allowed the U.S.-listed company to successfully and expeditiously close a going-private sale to a Russian investor and reduce its public bonds from more than $1.3 billion to USD 650 million. The CEDC restructuring was selected for M&A Advisor Turnaround Awards (Chapter 11 Reorganization of the Year) and Turnaround Atlas Awards (A&M for Global Turnaround Consulting Firm of the Year).

Mr. Frangulov's major interim management and advisory assignments include: top-ten privately owned bank in Russia (interim head of workouts); carve-out of the rail train finance leasing company from BTMU (adviser to PE firm); majority stake acquisition in Alvogen (adviser to PE firm); carve-out acquisition of the construction equipment rental business of Volvo AG (adviser to PE firm); Crunch Fitness (post-carve-out interim treasurer); acquisition of Tommy Hilfiger (adviser to PE firm); Covanta Energy Corp. (adviser to debtor); NRG Energy, Inc. (adviser to bondholders); Foster Wheeler Ltd. (adviser to lender); and Revlon (adviser to the company).

Prior to joining A&M, Mr. Frangulov served as a Director with the Restructuring practices of a Big Four firm in New York and Los Angeles.

He earned a master's degree in business administration from the University of Pittsburgh and a master's degree in linguistics from Nizhny Novgorod Linguistic University. He is fluent in Russian and English and has a working knowledge of Italian.​​​