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Health Diagnostic committee OK to hire legal and financial advisers
By Kali Hays
New York, July 28 – Health Diagnostic Laboratory Inc.’s official committee of unsecured creditors received authorization to hire Cooley LLP as its legal counsel and Protiviti Inc. as its financial adviser, according to separate Tuesday orders from the U.S. Bankruptcy Court for the Eastern District of Virginia.
The hiring of Cooley is retroactive to June 17 and that of Protiviti to June 18.
As previously reported, the committee said that Cooley has extensive experience with health care litigation, including fraud and abuse matters, regulation and mergers and acquisitions.
As counsel, Cooley will attend committee meetings and negotiations, review the debtors’ operational and financial information, investigate secured liens and pre-bankruptcy transactions, advise the committee as to all legal activities and assist in general reorganization efforts, according to a motion.
Cooley attorneys associated with the committee’s case will be paid an hourly rate ranging between $470 and $1,055.
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 a 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.
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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