Interserve has confirmed the appointment of Scott Millar as chief restructuring officer but denied media reports suggesting the move had been demanded by the company’s banks.
On Wednesday the contractor revealed it had secured £180m of new short-term finance and deferred the test date for its loan covenants by three months.
Sky News subsequently reported that this deal had been agreed on the basis that Interserve hire Mr Millar, a senior executive from restructuring specialist AlixPartners.
However, an Interserve spokesperson told Construction News that Mr Millar’s appointment had not been “demanded” by the banks.
Mr Millar has served as managing director of AlixPartners’ UK turnaround and restructuring services practice.
He brings more than 18 years of experience in leading financial and operational turnaround programmes for public and private businesses.
The Interserve spokesperson said Mr Millar would “support the group’s ongoing discussions with its lenders”.
They added that the “appointment adds further expertise to the leadership team and additional resource to allow the senior management of the business to remain focused on Fit for Growth, the transformation plan currently under way at Interserve”.
Interserve denies banks forced restructuring appointment