Guernsey regulatory authorities approved on Tuesday the appointment of Alvarez and Marsal as administrator for the struggling J&P Overseas.
The aim according to reports is to protect the company from its creditors and to earn time in an effort to find agreement with creditors, that would allow for the company to complete ongoing construction projects.
The move comes as Leoni Paraskevaidis, who became CEO of the company over the summer, is trying to manage the fallout.
In an announcement the company noted that this management regime is intended to achieve greater value on its assets than in the case of liquidation. The decision, notes the announcement, recounts the protection of the rights of creditors, employees and customers of the J & P Overseas Group.