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Brown Medical Center Restructuring Announcement


April 9, 2013 - HOUSTON, TX

This is to announce that Brown Medical Center and the Brown Entities are presently under restructuring by mutual agreement of the owners and as approved by court order from the United States Bankruptcy Court, Southern District of Florida, as of 14 March 2013. The restructuring is being pursued for a one year period in lieu of bankruptcy so that the Brown Entities may reduce debt, promote their employees' and stakeholders' interests, and return to prosperity.

Retired US Army Brigadier General David L. Grange, CEO of Osprey Global Solutions, LLC, has been designated the Chief Reconstruction Officer, CRO, partnering with Stratex Capital, and has established an initial transition team in Houston. Grange is the former CEO of the McCormick Foundation in Chicago, IL, and the former CEO of Pharmaceutical Product Development International in Wilmington, NC, who also brings with him a career as a Special Forces and Ranger officer, commanding up to the division level. He has also served as a military commentator for CNN, CBS, and FOX News.

The ongoing restructuring of the Brown Entities has been initiated by a broad-based assessment that includes a forensic accountant team from Stratex Capital led by Gerold Ibler, CEO, as well as a team of proven expert executives in the fields of leadership, medicine, law, organizational management, intelligence, investigation, and security.

The ultimate objective of this effort is to restore the Brown Entities as a prosperous enterprise that can meet its debts and obligations, and to move forward with an expanded set of services and products that optimize the talents and capacities of the Brown Entities. To this end, the CRO team is soliciting input from all stakeholders to assist with the impartial 360 degree assessment's action plan so that immediate improvement can be instituted and long range business efficiencies can be developed and put into practice.

Dr. Abe Walston, Chief Medical Officer, states that "during this period of reconstructing, our physicians will continue to provide state-of-the-art surgical care to our patients, not only in the current services we provide, but also by striving to expand to new avenues that demand the highest quality to which our patients have become accustomed."

Interested parties can contact the Press Relations office in Houston at 713.586.6724 or email klakey@brownmedicalcenter.com.

Kim Lakey
713.586.6724
Email Contact

MarketWire

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