Corporate Advisory & Restructuring Services - Grant Thornton LLP

Analyzed tax implications of cancellation of
debt, new legal entity structure, “push down”
adjustments, and the transfer of assets.
Advised the Company on statutory reporting,
deferred taxes, inter-company transactions
and preserving net operating losses.
Assessed the scope and methodology for
assets and liabilities to revalue.
Provided fair value appraisals for tangible
and intangible assets.
Addressed impairment and valuation
allowance issues.
Identified necessary steps to effectuate
entries to the Accounts Payable, General
Ledger and Sub-ledger systems.
Analyzed the effect of changes on the
reporting and budgeting processes to
minimize disruption.
Advised on the processes to address
bankruptcy and emergence reporting.
Major Telecommunications Provider
Created models to estimate impact of Fresh
Start Accounting on consolidated entity and
multiple international subsidiaries.
Reviewed Plan of Reorganization to
determine recoveries to creditor classes and
gains on debt forgiveness.
Developed methodology for determining
that a change of control would occur, and the
entity would qualify for Fresh Start
Accounting.
Directed activities of third party valuation
firm related to valuation of all tangible assets.
Modeled effects of various intercompany
actions and created hybrid methodology for
determining recoveries on intercompany
balances.
Prepared documentation to provide the
Company and their external auditors with
support for Fresh Start financials.
Assessed impact on the Company’s general
ledger and sub-ledgers of actions taken to
effect the Plan of Reorganization and
incorporate the valuation and tax
adjustments.
Major Grocery Chain
Managed end to end implementation of
Fresh Start Accounting.
Reviewed balance accounts with valuation
professionals to determine every account that
would require an adjustment.
Recommended adjustments required to the
Company’s PeopleSoft Accounting system to
retain historical data required for budgeting,
calculating commissions and management
reporting.
Discussed stock options issues with the audit
team to determine the appropriate timing for
the cancellation of existing stock options.
Created allocation model for new equity
distribution to creditors based on estimated
liabilities subject to compromise and Plan of
Reorganization classes.
Discussed Sarbanes-Oxley issues associated
with changes in the accounting processes
and control environment, and provided
appropriate documentation to support the
adjustments.
Reviewed Company’s methodology for
reporting book versus tax impact, and
provided the tax department with detailed
information on the adjustments being made
to the books to understanding of permanent
tax differences.
Tax services provided to emerging
entity
Prior to filing bankruptcy
Reviewing debt modifications for tax
implications.
Analyzing Chapter 11 bankruptcy versus debt
reorganizations outside of Chapter 11.
Pre-filing tax structuring and planning.
Providing tax planning to maximize cash
refunds/recoveries and minimize tax
liabilities.
Analyzing the state tax implications of the
above items.
During bankruptcy
Assisting with all aspects of the Plan of
Reorganization.
Estimating cancellation of indebtedness
income
Preservation of tax attributes under IRC
108/1017
Analysis of ownership changes
Analysis of consolidated return implications
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