EY took on $700m in extra loans for now failed Project Everest

The extra debt will help spread the costs incurred by the firm’s examination of a split of its accounting and consulting arms

A slowing economy is hitting the Big Four firms. File picture: Sasko Lazarov / RollingNews.ie

EY took on about $700m (€650m) in extra borrowing to deal with costs related to its failed plan to spin off its consulting unit.

Current loans at EYGS, the entity that provides services to the network’s member firms, more than tripled from a year earlier to $983m as of June 30, 2023, according to accounts filed with the UK’s Companies House. The firm expanded an existing credit facility and also entered into a new one during the period.