1. Upon discovering the issue, the Company’s Board of Directors immediately engaged Protiviti to help assess the situation, identify the root causes, quantify the impact, and assist with reconstructing and restating financial statement accounts.
2. The restatement of the company’s financial statements led to various covenant defaults and certain lenders sought repayment of their outstanding debt.

Protiviti assisted the client in negotiations with replacement lenders to facilitate the accelerated repayment, which resulted in the client obtaining more favorable terms and higher asset advance rates than initially offered. As a part of our service, Protiviti developed a comprehensive model of integrated cash flow, balance sheet and income statement projections, financial ratios and metrics, and anticipated borrowing needs.

As a result of our work the company avoided a bankruptcy filing.

1. Protiviti’s model, which included the capability to perform sophisticated sensitivity analyses driven by any number of key inputs, was used to determine the appropriate type and magnitude of a major refinancing.
2. Our work led to the issuance of $300 million in senior secured notes and the syndication of a $300 million asset-based revolving line of credit.

In addition to serving as advisor and Chief Restructuring Officer, we have served in the roles of CEO, COO, and CFO.  These experiences allow us to bring a practical but fresh perspective to the situation and enable us to provide current management with unbiased, in-depth analyses of the company’s strengths and weaknesses in order to identify and implement achievable solutions.

Protiviti’s turnaround services include:

1. Right-sizing infrastructure 
2. Bank loan refinancing
3. Strategic planning
4. Management or creditor communication
5. Liquidity management
6. Financial projections