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Monroe Hospital to retain current CEO as CRO as of sale closing date
By Kali Hays
New York, Dec. 18 – Monroe Hospital, LLC received authorization to hire current chief executive officer, Joseph Roche, as chief restructuring officer, according to a motion filed Dec. 15 with the U.S. Bankruptcy Court for the Southern District of Indiana.
As previously reported, Roche’s contract with Monroe is set to expire upon the closing of the company’s asset sale to Prime Healthcare Services Monroe, LLC, and all other employees will be transferred to Prime.
The asset sale is expected to close by Dec. 31.
Monroe said it needs to retain “at least one executive to direct the debtors counsel and pursue confirmation of a Chapter 11 plan.”
“Given the debtors immediate and ongoing need to provide monthly operating reports, coordinate with its professionals and work towards confirmation of a plan, the debtor cannot afford the delay of hiring someone else to provide it with the necessary services,” the motion stated.
Roche will be paid an hourly rate of $150 and be reimbursed by Monroe for any related expenses.
Monroe, a Bloomington, Ind.-based hospital operator, filed for bankruptcy on Aug. 8. Its Chapter 11 case number is 14-07417.
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