Health Diagnostic committee to employ Protiviti as financial adviser

By Kali Hays

New York, July 7 – Health Diagnostic Laboratory Inc.’s official committee of unsecured creditors asked the U.S. Bankruptcy Court for the Eastern District of Virginia to authorize the hiring of Protiviti Inc. as its financial adviser, according to a Tuesday motion.

If approved, the hiring will be made retroactive to June 18.

In its role as financial adviser, Protiviti will review the debtors’ cash flow and overall financial performance, analyze the value of the business as a going concern, evaluate all financial options, review any proposed financing, transaction or plan and assist the committee in its negotiations with creditors and Health Diagnostic, according to the motion.

Protiviti agreed to a 20% discount of its usual hourly rates for the committee’s case, so advisers will be paid between $152 and $536 per hour while also seeking expense reimbursement from the court.

As previously reported, the committee is also seeking approval to hire Cooley LLP as legal counsel.

Health Diagnostic, a Richmond, Va.-based blood testing company, filed for bankruptcy on June 7. The Chapter 11 case number is 15-32919.

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