Musicland granted court OK to hire FTI Consulting as financial adviser

By Caroline Salls

Pittsburgh, March 23 - Musicland Holding Corp. obtained court approval to hire FTI Consulting, Inc. as the financial adviser for its Chapter 11 case, according to a Thursday 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 development of a long-range business plan, identifying costs and benefits related to the affirmation or rejection of executory contracts and leases, analyzing creditor claims, helping to prepare a plan of reorganization, evaluating avoidance actions and testifying on case-related issues.

Musicland, a Minnetonka, Minn., specialty retailer of pre-recorded entertainment software products, filed for bankruptcy on Jan. 12. Its Chapter 11 case number is 06-10064.

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