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Further Precedent Supporting the Retention of CROs

By James R. Irving

A recent decision by Judge Mary P. Gorman of the United States Bankruptcy Court for the Central District of Illinois in In re Copenhaver, Inc., Chapter 11 case no. 13-72052, is part of a growing trend of opinions and orders around the country allowing a debtor to retain a chief restructuring officer (CRO) under sections 105(a) and 363(b) of the Bankruptcy Code, rather than section 327(a) of the Bankruptcy Code. The Copenhaver decision clarifies that although a CRO retained pursuant to sections 105(a) and 363(b) of the Bankruptcy Code may not be required to file fee applications pursuant to sections 330 and 331 of the Bankruptcy Code, a CRO must still submit its fees to the bankruptcy court for approval.

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