Musicland seeks court OK to hire FTI Consulting as financial adviser

By Caroline Salls

Pittsburgh, Jan. 17 - Musicland Holding Corp. asked for court approval to hire FTI Consulting, Inc. as the financial adviser for its Chapter 11 case, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Lisa Poulin will be the managing director responsible for day-to-day advising in Musicland's case.

The duties of the financial adviser will include:

• Assisting the company with information and analyses on debtor-in-possession financing;

• Assisting with the identification and implementation of short-term cash management procedures;

• Assisting with the review and development of a long-range business plan;

• Assisting with the identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the affirmation or rejection of each;

• Assisting the management team and counsel in the ongoing reorganization effort;

• Assisting in the preparation of financial information for distribution to creditors and others, including cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts and analysis of proposed transactions for which court approval is sought;

• Attending meetings and assisting in discussions with potential investors, banks and other secured lenders, any official committees appointed in the case, the U.S. Trustee and other parties in interest and professionals;

• Analyzing creditor claims by type, entity and individual claim, including assistance with development of databases to track the claims;

• Assisting in the preparation of information and analysis necessary for the confirmation of a plan of reorganization, including information contained in the disclosure statement;

• Assisting in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers;

• Providing accounting and tax support; and

• Testifying on case-related issues.

Musicland, a Minnetonka, Minn., specialty retailer of pre-recorded entertainment software products, filed for bankruptcy on Thursday. Its Chapter 11 case number is 06-10064.

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