Monroe Hospital looks to retain current CEO as restructuring officer

By Kali Hays

New York, Nov. 24 – Monroe Hospital, LLC asked for authorization to hire its current chief executive officer, Joseph Roche, as its chief restructuring officer, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Indiana.

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.

Monroe said that 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.

In addition, Monroe intends to file a plan of liquidation in the coming months and claims that as its case is nearing the final stages “it would be very difficult to attract another qualified person even if it tried to do so on an expedited time-frame.”

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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