BrazilAlvarez & Marsal brings its restructuring capability to Indonesia
One of the world’s leading restructuring consultancies, Alvarez & Marsal, has expanded its footprint in Asia with the launch of its restructuring services in Indonesia.
Alvarez & Marsal currently serves the Southeast Asia market through its offices in Singapore, China and Hong Kong. In Indonesia, the firm has a small operation, which is now seeing its service portfolio expanded with restructuring and turnaround services, in a response to growing demand for such services said Ron Thompson, Managing Director of Alvarez & Marsal in Asia.
“The launch of our restructuring practice in Indonesia will help corporates address the pandemic-induced tightening of liquidity and significant rise of Indonesian corporate bonds defaults,” he said.
The move comes at a time of growing distress in Indonesia in the slipstream of the Covid-19 crisis. According to Indonesia’s Central Bureau of Statistics (or Badan Pusat Statistik), the number of bankruptcy filings in the country is nearing a ten-year high, with a survey from PwC finding that the number of companies in a more ‘controlled distress’ situation is also higher than in the pre-pandemic era.
Meanwhile, the new practice will also “round out Alvarez & Marsal’s end-to-end services in the Indonesian market,” added Thompson. Other offerings the global consulting firm provides in the country include performance improvement, business improvement, board governance and mergers & acquisitions.
Leading the new restructuring practice is Budi Mulyana, who has been appointed a Senior Director, based in Jakarta. He brings more than 15 years of experience spanning investment banking, investment management, leveraged finance, lease finance, turnarounds and restructurings to the role, gained across multiple Asian markets including Singapore, Hong Kong, mainland China and Indonesia.
Prior to joining Alvarez & Marsal, Mulyana served Orix Corporation for five years as Senior Advisor. Prior to this, he was a Director at CVC Capital Partners in Hong Kong. He started his career in investment banking, first at Bear Stearns as an Analyst before joining DBS Bank in Hong Kong as Vice President.
Thompson: “Our extensive international creditor experience, combined with Budis’ in-depth knowledge of the Indonesia market, furthers our ability to develop restructuring solutions that help unlock value and support long-term growth for businesses and bondholders.”
Over the course of the year, Alvarez & Marsal has added a number of high-profile experts to its restructuring practice in Asia, including Managing Director Joshua Taylor and Senior Director Steffi Thio based in Singapore, Senior Advisor Tod Macri in Hong Kong and Senior Director Ben Hsiao in Shanghai.
