M*Modal Lands Restructuring Deal To Cut Debt By $350M

Law360, New York (April 3, 2014, 7:31 PM EDT) -- M*Modal Inc., the bankrupt medical transcription technology company owned by JPMorgan Chase & Co.’s private equity arm, on Wednesday unveiled a restructuring plan that, if approved, would reduce its debt by more than 55 percent, or $350 million.

The plan would allow the company to revitalize its capital structure and has the backing of 66 percent of its creditors, according to court papers. Secured lenders would swap their debt for 93 percent equity in the reorganized M*Modal and $8.2 million in cash.

Unsecured creditors will split...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.