Restructuring specialist Alvarez & Marsal (A&M) has opened a third European office in Frankfurt and appointed four professionals to be based there.
The office comprises four German nationals, headed by managing director Kay Michel. Prior to joining A&M, he was financial adviser to the board at Philipp Holzmann, the German engineering giant, and previously worked on the restructuring of Krone as a member of the executive board and chief financial officer.
Michel is joined by Thomas Dillenseger, who was a manager in the corporate finance and recovery practice at PricewaterhouseCoopers UK; Olaf Sachau, who was head of finance at German jet manufacturer Fairchild Dornier and was part of the A&M-led restructuring effort at the firm; and Wolfgang Felix, who was a consultant at KPMG in Berlin.
A&M, which provides advisory and management services for under-performing and over-leveraged companies and their stakeholders, was founded in New York City in 1983 by Tony Alvarez II and Bryan Marsal.
The firm set up its European headquarters in London in January 2003, headed by Antonio Alvarez III, Managing Director Europe and son of co-founder Tony Alvarez II. It also has an office in Paris.
“We have been active in Germany for many years,” commented Antonio Alvarez in a statement. “Now, with our first local base established, we can take better advantage of the increasing opportunities that stem from the greater emphasis being placed on reorganisations rather than liquidations and the stronger will to use rehabilitative provisions within Germany’s Insolvency Code.”
A&M says it has advised on 15 company assignments around Europe over the last 18 months and is currently involved in projects for European companies with combined revenues of more than $17bn.