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Tue September 25 2018

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Interserve denies banks forced company doctor appointment

15 Dec 17 Interserve has appointed a business rescue specialist to help save the company from collapse but has denied press reports that the move was dictated by its lenders

Scott Millar specialises in turning around distressed companies
Scott Millar specialises in turning around distressed companies

Scott Millar, managing director in AlixPartners' turnaround & restructuring services practice, has been appointed chief restructuring officer at Interserve.

The appointment came as Interserve agreed a new short-term borrowing agreement with its banks. Some press reports have linked the two events. Interserve insists there is no connection and issued a statement in rebuttal of what it called “misleading press coverage”.

It said: “AlixPartners has not been appointed as restructuring advisers. Interserve appointed Scott Millar as chief restructuring officer to bring additional capability and experience to the group. This was not a contractual requirement of the new borrowing facilities.”

AlixPartners’ website says Scott Millar is an accountant with almost 20 years of restructuring experience. He was previously seconded to Lloyds Banking Group for 18 months to sort out its leveraged finance and its syndicated loan book.

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