MT. LAUREL, N.J., Feb. 25 /PRNewswire-FirstCall/ -- MedQuist Inc., a leading provider of technology-enabled clinical documentation services, today announced that the United States Bankruptcy Court for the District of Delaware has issued an order approving bidding procedures naming MedQuist, along with CBay Inc., MedQuist's majority owner, the stalking horse bidders in the Chapter 11 bankruptcy case of Spheris Inc. Spheris filed for Chapter 11 bankruptcy protection on February 3, 2010, after entering into a purchase agreement with MedQuist and CBay to purchase substantially all of Spheris' assets in a sale under Section 363 of the United States Bankruptcy Code. The court order was entered in accordance with the timeline provided for by the purchase agreement, and among other things, provides for an auction of Spheris' assets on April 13, 2010, and the payment of certain transaction expenses and payment of a breakup fee in the amount of $2.1 million by Spheris to MedQuist and CBay in certain circumstances if they are not the winning bidders at the auction. Pending a successful conclusion of this process, MedQuist anticipates this transaction will close by mid-to-late April.
About MedQuist
Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements include, without limitation, statements regarding the terms of the pending transaction and any other statements that are not historical facts. These risks and uncertainties include the timing, receipt of approvals and satisfaction of conditions for the proposed transaction, as well as the risk that another bidder may purchase substantially all of Spheris' assets. Other risks and uncertainties, which are more fully described in documents filed by MedQuist with the Securities and Exchange Commission, including Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, could cause actual results to differ from those contained in the forward-looking statements.
CONTACT: Grant Evans of Garfield Group for MedQuist Inc., +1-215-867-8600
X271, gevans@garfieldgroup.com
Web site: http://www.medquist.com/
