M-III Partners, LP, a leading independent corporate advisory firm, announced two new additions to the firm’s team of advisory, restructuring, and turnaround veterans. Thomas Biaggi, an executive with more than 35 years of experience managing distressed and special assets, and Keshav Lall, an expert in identifying and maximizing value in distressed assets, have joined M-III as Managing Directors, effective immediately.
Mo Meghji, founder and managing partner of M-III, said, “M-III was founded to provide expert, independent advice to companies looking to tackle some of their most difficult challenges. Businesses today are facing unprecedented challenges and uncertainties, and we are adding to our roster of senior turnaround professionals to answer the growing demand across virtually every industry, including retail, specialty finance, industrials, real estate, food and beverage, consumer products, transportation, hospitality, energy, metals and mining, TMT, and sports and gaming.
“Tom is a well-known industry veteran who brings a wealth of knowledge from years of working out distressed loans across a wide range of sectors, balancing the need to maximize value against the need to quickly resolve distressed assets. Keshav has managed and participated in numerous complex restructurings as a stakeholder, including the bankruptcies of Essar Steel Algoma, Essar Steel Minnesota, and the Port of Algoma. Both Keshav and Tom are tremendously talented, highly experienced, and insightful leaders who businesses can trust with their most pressing needs during difficult times,” Mr. Meghji continued.
The M-III team has led more than 250 engagements, including some of the most significant recent restructurings in the market, such as serving as Chief Restructuring Officer for Sears, Barneys New York, Sanchez Energy, and Relativity Media.
Prior to joining M-III, Mr. Biaggi served for 35 years at Bank of America Merrill Lynch, where he rose to become Special Assets Group Executive, with responsibility for managing distressed commercial loans for the entire bank on a global basis. During his tenure at Bank of America Merrill Lynch, Mr. Biaggi also was Senior Risk Executive for leveraged finance, media and telecom, and sports and gaming, was a member and then Chair of its Commercial Credit Risk Policy Committee, and was a voting member of its Allowance for Loan Loss Committee. Throughout his career there, he served as a senior point of contact with the OCC, Federal Reserve, FDIC, and Bank of America Merrill Lynch’s internal Credit Review and Audit functions.
Before joining M-III, Mr. Lall served as the President of Global Special Opportunities and the CEO and Chairman of Essar Capital Americas, part of a global industrial conglomerate with more than $11 billion in revenue. In this capacity, he oversaw a private portfolio of five infrastructure, energy, and industrial companies with approximately 3,500 employees and capital structures in excess of $4 billion. He was also responsible for restructurings and operational improvements, leading Essar’s efforts in global distressed situations from both an operational and investment perspective, where he successfully renegotiated claims with, among others, unions and domestic and foreign governments.
Mr. Lall previously founded KAL Advisory Partners, advising corporations, family offices, investment funds, and industrial clients on, among other things, distressed credit situations and litigation management. He also previously held several positions in distressed credit, including at Balyasny Asset Management, Citadel Investment Group, Marblegate Asset Management, and Deutsche Bank.
“We know that the current health crisis has left many companies struggling, and our mission is to help them develop and implement the solutions they need to navigate the current environment, prepare for the future, manage liquidity, and maximize their value,” Mr. Meghji concluded.
M-III applies its financial and operational expertise to align interests of disparate stakeholders to maximize value. Its team of more than 40 professionals has a track record of success in working alongside or across from the largest lenders, private equity sponsors, hedge funds, investment bankers, and legal advisors in the industry.