Sears Methodist Retirement looks to hire CRO from Alvarez & Marsal

By Kali Hays

New York, July 1 – Sears Methodist Retirement System, Inc. is seeking court approval to hire Paul B. Rundell of Alvarez & Marsal Healthcare Industry Group, LLC as its chief restructuring officer, according to a Monday motion with the U.S. Bankruptcy Court for the Northern District of Texas.

If approved, the hiring of Rundell and other additional personnel of Alvarez & Marsal would be retroactive to June 10.

Rundell is a managing director of Alvarez & Marsal and leads the firm’s national senior living practice, according to the motion.

In his role as CRO, Rundell will report directly to the company’s board of trustees and direct the reorganization to completion, as well as provide direct assistance to senior management in negotiations.

Rundell will receive an hourly wage of $650, and other Alvarez & Marsal employees responsible for the case will be paid an hourly rate between $500 and $550, according to the motion.

Alvarez & Marsal also holds a $100,000 retainer from the company that it intends to keep until its services are complete.

Sears Methodist is a Dallas-based non-profit senior living provider that filed for bankruptcy June 10. The Chapter 11 case number is 14-32821.

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