Protiviti helps client recover US$350
million
Litigation, Restructuring and Investigative Services – M&A Services
Client Challenge
Our client, a large government agency, faced US$8 billion in exposure to participants in the publishing
industry dealing with cyclical and secular decline. The agency lacked the resources, relationships and
experience to effectively and efficiently reduce its exposure to acceptable levels.
POWERFUL INSIGHTS
Protiviti was engaged for 12 months to analyze and monitor the publishing industry, identify high-risk firms,
and negotiate for protections for our client. As part of the engagement, we:
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Analyzed 25 companies, which included book publishers, newspaper publishers and newsprint
producers.
Partnered with an investment bank and niche advisory firm to meet the needs of our client.
Analyzed the industry to identify trends, challenges and opportunities, and contemporaneously
monitored these areas throughout the engagement.
Identified the highest-risk companies based on claim amounts and financial condition.
Identified ad hoc events such as transactions and at-risk suppliers that posed an increased risk to our
client.
Created financial models and projections of each company and transaction to determine weaknesses
such as liquidity shortages and debt covenant violations.
Devised negotiating strategies for each company, highlighting potential points of leverage to solicit
protections on behalf of our client.
Executed each strategy and engaged in negotiations.
PROVEN DELIVERY
As a result of our efforts, our client was able to materially reduce its exposure. Protiviti:
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Successfully negotiated on behalf of our client for payments of US$350 million, a 6,000 percent
return on our fees.
Successfully demonstrated our value to our client and our client’s leadership team.
Established relationships and opened lines of communication between our client and the companies.
Provided recommendations on how our client can more effectively and efficiently reduce its exposure
to other industries.
How We Help Companies Succeed
Protiviti works with clients from the onset of a distress situation. Our goal is to help companies analyze
the situation and chart the best course forward to minimize financial loss to stakeholders.
Protiviti can help address client needs associated with the following events:
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Loan negotiations
Breach of financial covenants
Poor financial performance
Asset valuations
Bankruptcy filing
Liquidation of assets
Investigations
M&A due diligence
Litigation
Contacts
Charles Goldstein
+1.410.454.6830
charles.goldstein@protiviti.com
Byron Traynor
+1.786.264.7166
byron.traynor@protiviti.com
About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that helps companies solve problems in finance,
technology, operations, governance, risk and internal audit. Through our network of more than 70
offices in over 20 countries, we have served more than 35 percent of FORTUNE® 1000 and Global 500
companies. We also work with smaller, growing companies, including those looking to go public, as well
as with government agencies.
Protiviti is a wholly owned subsidiary of Robert Half International Inc. (NYSE: RHI). Founded in 1948,
Robert Half International is a member of the S&P 500 index.
©2012 Protiviti Inc. An Equal Opportunity Employer. PRO-PKIC-1012-072
Protiviti is not licensed or registered as a public accounting firm and does
not issue opinions on financial statements or offer attestation services.