MT. LAUREL, N.J. and FRANKLIN, Tenn., April 15 /PRNewswire-FirstCall/ -- MedQuist Inc. and its majority shareholder CBay Inc., leading providers of technology-enabled clinical documentation services and Spheris, a leading global provider of clinical documentation technology and services, today announced that the United States Bankruptcy Court for the District of Delaware has approved the sale of substantially all of Spheris’ assets to MedQuist Inc. and CBay Inc. Under the terms of the sale, MedQuist will acquire Spheris’ U.S. assets and CBay will acquire the stock of Spheris India Private Limited, a subsidiary of Spheris. The purchase price is $98,833,900 in cash and an unsecured subordinated promissory note issued by MedQuist Transcriptions, Ltd. in an aggregate principal amount of $17,500,000. The Companies expect the transaction to close in April.
“We are pleased to receive Court approval of this transaction,” said Robert Butler, Chief Restructuring Officer of Spheris. “As was our goal from the outset, we want to maximize recoveries for our stakeholders. We believe this transaction will help us reach that goal. In addition, as a result of this transaction, Spheris will be part of a stronger, more competitive company, and we believe this is a positive outcome for Spheris, our employees, customers and other stakeholders.”
Access to Court documents and other general information about Chapter 11 cases is available at www.gardencitygroup.com/cases/spheris.
About MedQuist
MedQuist is a leading provider of medical transcription services, and a leader in technology-enabled clinical documentation workflow. MedQuist’s enterprise solutions -- including mobile voice capture devices, speech recognition, Web-based workflow platforms, and global network of medical editors -- help healthcare facilities improve patient care, increase physician satisfaction, and lower operational costs. For more information, please visit www.medquist.com.
About CBay Holdings
CBay Holdings, together with its subsidiaries and equity investees, is a leading provider of technology-enabled medical transcription services and related revenue cycle solutions. CBay Holdings partners with healthcare providers to deliver outsourced transcription solutions designed to improve the quality and timeliness of clinical data and information, reduce operational costs, increase physician satisfaction, and enhance revenue cycle performance. The Company serves more than 2,400 health systems, hospitals, and physician groups in the U.S. CBaySystems Holdings Ltd is composed of a portfolio of businesses, including CBay Systems & Services Inc, CBay Systems (India) Private Ltd, Mirrus Systems Inc. and a majority shareholding of approximately 69.5% percent in MedQuist Inc. CBaySystems Holdings Ltd trades under the CBAY symbol on the AIM market of the London Stock Exchange
MedQuist Inc.; Spheris
