Interfaith Medical Center gets final approval to hire new CRO and CEO

By Kali Hays

New York, April 14 - Interfaith Medical Center, Inc. obtained final court authorization on the employment of Melanie Cyganowski as its new chief restructuring officer and Steven Korf of ToneyKorf Partners LLC as its new chief executive officer, according to an April 11 order with the U.S. Bankruptcy Court for the Eastern District of New York.

ToneyKorf will also provide temporary staff as necessary to assist the new CEO with his duties.

Otterbourg Professionals will serve as Cyganowski's adviser.

Otterbourg will receive a monthly fee capped at $175,000, and TonyKorf's monthly fee will be capped at $100,000.

As previously reported, Interfaith was ordered to terminate its chief restructuring officer and hire a new one that is acceptable to the Dormitory Authority of the State of New York under a third stipulation modifying its debtor-in-possession financing.

Interfaith, a Brooklyn, N.Y., multi-site health-care system operator, filed for bankruptcy on Dec. 2, 2012. Its Chapter 11 case number is 12-48226.

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