Saint Michael’s Medical committee requests to hire financial advisers

By Mark Reccek

Bethlehem, Pa., Sept. 21 – Saint Michael’s Medical Center, Inc.’s official committee of unsecured creditors requested court approval to retain CohnReznick LLP as financial advisers retroactive to Aug. 19, according to a Friday filing with the U.S. Bankruptcy Court for the District of New Jersey.

CohnReznick representatives will be responsible for analyzing and reviewing motions to identify strategic financial issues in the case; performing a preliminary assessment of the company’s debtor-in-possession budgets; establishing reporting procedures; developing and evaluating alternative sale strategies; scrutinizing proposed transactions; monitoring the company’s weekly operating results; analyzing the company’s budget; communicating findings to the committee; performing forensic accounting procedures; investigating and analyzing all potential avoidance action claims; and preparing preliminary dividend analysis.

Hourly rates for CohnReznick representatives range from $195 per hour to $810 per hour.

Saint Michael’s is a Newark, N.J., medical center. The company filed bankruptcy on Aug. 10 under Chapter 11 case number is 15-24999.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.