Linens ‘n Things, a $2.5 billion home furnishings retailer, filed for Chapter 11 in May 2008. 

As financial advisor to the debtor, Protiviti provided bankruptcy consulting and administrative services including:

1. Prepared the bankruptcy schedules, Statement of Financial Affairs, and monthly operating reports for the 13 affiliated Debtor entities.
2. Provided the debtor’s accounting and treasury departments with assistance and guidance regarding the Chapter 11 processes, protocols, and policies.
3. Currently providing the data mining and financial analysis needed to quantify and pursue preference and other avoidance actions on behalf of the Debtors’ estates.

As a result of our work:

1. The Debtors reported their financial conditions to stakeholders on a timely basis and consistent with Court deadlines.
2. The Debtors wound down their operations as smoothly as possible, especially in light of the size and complexity of the businesses.
3. The Debtors are engaged in the pursuit of over $300 million in recovery actions, the proceeds from which will enhance the return to the Debtors’ creditors.

How we help companies succeed

Protiviti provides direction for companies in bankruptcy, understanding their business and financial challenges in order to assist in developing and implementing successful strategies to accomplish a positive outcome.  Our professionals understand that uninterrupted operations of the company are essential to the turnaround process and provide the underlying analysis and data which allows management and its counsel to preserve operations and minimize the negative influences of the filing.  We assist companies throughout the reorganization process to develop strategies for cash flow planning; identify alternative debt and equity financing options; prepare and assess business plans; identify and value underperforming assets and divisions; and formulate and execute exit strategies.

Additionally, Protiviti offers a broad spectrum of accounting and administrative services designed to help the debtor comply with the stringent disclosure requirements and administrative tasks which are unique to the bankruptcy process.  We provide the manpower, technical expertise and software to prepare the debtors bankruptcy schedules, statement of financial affairs, creditor matrix and monthly operating reports in compliance with requirements as set forth by the U.S. Trustees Office.  Over the years we have developed proprietary systems designed to track and report on the claims scheduled, filed and adjudicated throughout the bankruptcy process and other systems designed to identify and pursue preference recoveries.

Protiviti’s debtor services include:

1. Pre-Bankruptcy Planning
2. Plan of Reorganization & Disclosure Statements Development
3. Financial Projections & Feasibility Analyses Preparation
4. Liquidity Management & Cash Flow Forecasting
5. Strategic Planning Assistance
6. Claims Review and Management
7. Forensic Investigations

Protiviti (www.protiviti.com) is a global business consulting and internal audit firm composed of experts specializing in risk, advisory and transaction services. The firm helps solve problems in finance and transactions, operations, technology, litigation, governance, risk, and compliance. Protiviti’s highly trained, results-oriented professionals provide a unique perspective on a wide range of critical business issues for clients in the Americas, Asia-Pacific, Europe and the Middle East.

Protiviti has more than 60 locations worldwide and is a wholly owned subsidiary of Robert Half International Inc.
(NYSE symbol: RHI). Founded in 1948, Robert Half International is a member of the S&P 500 index.