Speech recognition technology developer M*Modal has reached a deal with creditors that would enable it to restructure its finances, strengthen its balance sheet, and reduce debt by more than 55%.
M*Modal filed for bankruptcy protection in March, and since then a majority of the firm's lenders and bondholders have signed off on a debt restructuring deal. The agreement will establish a capital structure to support the firm's continued investment in clinical documentation services, the company said. With the agreement, M*Modal expects to complete its previously announced court-supervised restructuring within the next four months.
There will be no changes in day-to-day operations of the business, M*Modal said.
