A community of 30,000 US Transcriptionist serving Medical Transcription Industry

M-Modal in Bankruptcy - Former Employee

Posted: Apr 06, 2014

I am curious about this. Are they just reorganizing or going out of business?

just restructuring...still in business - nm

Restructure - Just Wondering

[ In Reply To ..]
Why would the banks be so willing to write off such an enormous amount of debt? Is it possible that the banks get helped out by "turning it over" in the QE help they get from the Feds? Anyone with a spouse in banking that would know if that is happening? If so, it is we the taxpayers that are funding the restructure.

Why they are so willing to write off $750 million in debt ... - anon

[ In Reply To ..]
True story ... because MModal is trading company stock in lieu of repaying their debt.

I'm not kidding ... no one could make this stuff up. No one on earth has a clue who in their right mind would ever take such a deal but nonetheless, they did.

It is better than getting nothing. MM not a public company anymore. - in debt

[ In Reply To ..]
This is a major cause of their debt. MM is a private company now and bought out the stockholders.

If the creditors don't agree to a manageable debt, they stand to loose a the money owed them. With so much debt, MM must be paying a boatload of interest.

restructure - molleycat

[ In Reply To ..]
From what I understand, only half the debt was written off. They still owe 300 million dollars or so.

I got a note in the mail this past week - I quit MM 2 years ago

[ In Reply To ..]
Not sure why I would get a notification 2 years after I quit, but I did.

Note - Former MM MT

[ In Reply To ..]
I would send that e-mail back to them with a huge smiley face on it and tell them they are getting what they deserve.

MModal link Bloomberg report - dh

[ In Reply To ..]
MModal Inc., the biggest U.S. medical-transcription company, sought bankruptcy protection from creditors less than two years after being acquired in a leveraged buyout by JPMorgan Chase & Co. (JPM)â��s investment arm.

The company, based in Franklin, Tennessee, listed debt and assets of as much as $1 billion each in Chapter 11 documents filing today in U.S. Bankruptcy Court in Manhattan

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