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EY added $700 million in extra debt for failed spinoff costs: Report | World News

EY took on more than $700 million in extra debt to deal with costs related to its failed plan to spin off its consulting unit, the FT said. 

Borrowing at the accounting firm more than tripled from a year earlier to $983 million as of June 30, 2023, as it expanded an existing floating credit rate facility and took out a new one, the FT reported, citing accounts filed with the UK’s Companies House. The extra debt was intended to ease costs of the so-called Project Everest, which collapsed in April after partners squabbled over key issues related to the deal.

EY recently tapped Janet Truncale to take over as its next chief executive officer and help lead the company after the scrapping of its intended breakup. She will succeed Carmine Di Sibio, who designed the Everest plan. 

First Published: Feb 12 2024 | 12:33 AM IST

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