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M*Modal Enlists Restructuring Advisors - office girl

Posted: Feb 12, 2014

http://online.wsj.com/news/articles/SB10001424052702304549504579321003515817962

Wall St. Journal

Anything more recent? - Anon

[ In Reply To ..]
This was almost a month ago. Is there anything more recent? Thanks!

Can't read the article - anon

[ In Reply To ..]
There's a huge box blocking the entire article except for a preview of the first paragraph, asking that you subscribe. There doesn't seem a way around the box. If you can find another way to post the article that would be great ... sounds like an important one.

Looks like you can "log in" to read it - MME

[ In Reply To ..]
But I'm not interested in creating an account with the Wall Street Journal just to read one article.

What article says - Anon

[ In Reply To ..]
M*Modal Enlists Restructuring Advisers
J.P. Morgan-Owned Medical-Services Company Contends With Buyout Debt, Declining Sales

By Emily Glazer And Ryan Dezember

Updated Jan. 14, 2014 5:47 p.m. ET

A medical services company owned by a J.P. Morgan Chase JPM +0.18% & Co. private-equity arm has tapped restructuring advisers in recent weeks as it contends with a heavy load of buyout debt and declining sales, people familiar with the matter said.

M*Modal, which J.P. Morgan's One Equity Partners acquired about 18 months ago in a leveraged buyout, has enlisted restructuring bankers at Lazard Ltd. LAZ -0.42% , lawyers at Dechert LLP and turnaround advisers at Alvarez & Marsal, these people said.

Bankruptcy isn't imminent for the company, which transcribes doctors' voice recordings and develops voice-recognition software for the medical industry, these people said.

One Equity, which invests J.P. Morgan's cash, tapped its latest buyout fund for the $447 million it put toward the $1.1 billion buyout, according to securities filings. As M*Modal's financial situation deteriorated last year, its private-equity investors gave the Franklin, Tenn., company another $20 million, according to credit analysts.

J.P. Morgan's current exposure on the deal is less than the cash it put in, according to a person familiar with the matter.

J.P. Morgan has said it is spinning off One Equity as an independent firm. The bank is also exploring the sale of its stakes in the firm's existing investments, the person said.

M*Modal has about $750 million in debt, according to securities filings and credit-ratings firms, close to three times what it carried before the August 2012 buyout.

Moody's Investors Service and Standard & Poor's each downgraded M*Modal deeper into junk territory this year as the company's results weakened. Meanwhile, investment firms with track records of taking stakes in distressed companies have piled into M*Modal's debt. Debtholders typically are higher in the pecking order for repayment than equity owners.

Investment firm Brigade Capital Management LLC owns roughly half of M*Modal's debt, some of the people said. GSO Capital Partners is also among the creditors, some of whom are being advised by restructuring bankers at Blackstone Group BX -0.08% LP, people familiar with the matter said. GSO is a unit of Blackstone.

Moody's in October said it expects M*Modal's 2013 revenues to be lower than in 2012 and to struggle with negative free cash flow thanks to "high interest costs and cash restructuring costs." Moody's said its dim view of the company's prospects are because of its limited cash, drawn-down credit line and "weak liquidity, which limits the flexibility to complete a turnaround or operations, as well as the ability to invest."

M*Modal was founded in 1998 and grew through acquisitions. Sales jumped tenfold between 2006 and 2009. In 2010 revenue was about $415 million and the company, then known as MedQuist Holdings Inc., sold stock the next year in an initial public offering at $8 a share. The company changed its name to M*Modal the following January, and it agreed to the buyout, at $14 a share, in July.

M*Modal's main business is transcribing doctors' voice recordings. One Equity believed that the introduction of new voice recognition technology would boost sales, according to people familiar with the matter.

The company's rollout of new technology hasn't yet brought much profit, though, and its regular line of business has come under pressure from abundant technologies that turn speech into text on the spot and adoption of electronic health records, credit analysts say.

Ã¢ï¿½ï¿½Matt Wirz contributed to this article.

Thank you for posting that ... - anon

[ In Reply To ..]
Looks like MModal is on very shaky ground. This, and they've had their credit rating downgraded twice in the last year, now carrying a "C" credit rating, and are considered "high risk" for default on its debts.

It looks like MModal's days are numbered as few as its employees' are.

That's Already Been Discussed - Marmie

[ In Reply To ..]
See the thread of discussions several lines down from last week under, If You're Wondering What's Happening.

A prime example of the suits at their height of stupidity. - Why waste money on this? SM

[ In Reply To ..]
All they have to do is cut the suits' fat salaries, stop wasting money on paying for multiple layers of QA and editing of the Idiot Language Partners' slop work and they save millions and save the company. That's common sense and should be easy enough to figure out without wasting more money on megabux consultants.

But, then again, this is M-Morons... nuff said.

Idiot Language Partners - snort

[ In Reply To ..]
Good laugh to start my day. And agree with the rest of your assessment, also.

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