Education Training selects Sean Harding of FTI to act as CRO and CEO

By Kali Hays

New York, Sept. 4 – Education Training Corp. is seeking permission to hire Sean Harding of FTI Consulting, Inc. as its chief restructuring officer and interim chief executive officer effective as of Aug. 25, according to a Wednesday motion with the U.S. Bankruptcy Court for the District of Delaware.

In addition to Harding, FTI will provide additional hourly staff to the company as needed.

FTI and Harding will work with current employees of Education Training to analyze and refine current cash forecasts, assist in management of cash disbursements and cash conversion measures, along with assisting with the overall requirements of bankruptcy administration and negotiations with lenders and suppliers, according to the motion.

Education Training will pay FTI a monthly fee of $75,000 for Harding’s services as CRO and interim CEO, while any additional personnel will be paid an hourly rate between $75 and $925.

A hearing to approve the hiring is set for Sept. 22.

Education Training, a Lauderdale Lakes, Fla.-based operator of private, for-profit schools, filed for bankruptcy Aug. 25. The Chapter 11 case number is 14-11987.

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