MUMBAI: Houlihan Lokey, the California-headquartered financial restructuring giant, called off its partnership with Avista Advisory Group, a debt-restructuring and advisory firm controlled by Rajiv Kochhar, brother-in-law of ICICI Bank CEO Chanda Kochhar. The move ends an eight-year-old partnership amid increasing scope for business in India under the Insolvency and Bankruptcy Code.
The US firms profile had surged after the restructuring of Lehman Brothers, Washington Mutual and General Motors, three of the worlds largest such mandates in the aftermath of the financial crisis of a decade ago. Lokey, which operated in Asia through Avista, has already opened a new office in Singapore to do business across the continent, including India.
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