Protiviti was retained as financial advisors to the Official Committee of Unsecured Creditors ("Committee") to the NEGT-Energy Trading group of companies with more than $1 billion in combined claims.  As financial advisors we interacted regularly with the Committee and its representatives, monitored case activity, and negotiated the Plan of Reorganization with the Debtors.  We analyzed complex energy trading transactions and negotiated with energy trading counter-parties and other parties, such as, the Federal Energy Regulatory Commission (FERC).  Protiviti also performed tax analysis and examined significant inter-company activities. 

As a result of our successful work for the Committee, one of our Managing Directors was appointed Plan Administrator and a director of the liquidating entities, overseeing the distribution of over $600 million to creditors. 

At the outset of the bankruptcy case and in accordance with the confirmed Plan of Liquidation and related Disclosure Statement, initial distribution estimates to allowed unsecured creditors in these companies was on average expected to be in the range of 20 to 30 cents on the dollar.  Through Protiviti’s involvement, these figures are currently estimated at 60 to 70 cents on the dollar.

How we help companies succeed

Protiviti represents the interests of secured creditors, individual unsecured creditors and unsecured creditors committees. In each of these roles, we work to develop solutions that will maximize overall recovery.  We provide financial consulting services allowing creditors to make confident decisions, gain a better understanding of the debtor’s outlook, and perform administrative tasks which are unique to the bankruptcy process.  Our professionals will assess the feasibility of any plans proposed by the debtor; analyze the cash flow risks and opportunities; review the plan for its tax consequences; and monitor performance following the plan confirmation.  Additionally, we will work directly with the debtor and the debtor’s financial advisors to maximize the return to all interested parties.

Protiviti’s creditor services include: 

1. Evaluation and negotiation of business and restructuring plans as well as restructuring    alternatives
2. Assess and evaluate the debtor’s strategies 
3. Value the assets of the debtor as a going concern and in a liquidation scenario
4. Monitor compliance with DIP financing
5. Financial and operational due diligence
6. Valuation services
7. Preference and fraudulent transfer analysis
8. Expert Testimony
9. Plan Administrator / Liquidating Trustee role

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.