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Nuance eyeing Spheris in Auction!

According to this report in Nashville Biz Journal, two companies will go up against "stalking horse" bidder MedQuist Inc (Cbay) in an April 13 auction for the assets of bankrupt Spheris Inc.

"Transcend Services Inc. has joined Nuance Communications Inc. in bidding for bankrupt medical transcription company Spheris Inc. The two companies will go up against “stalking horse” bidder MedQuist Inc. in an April 13 auction administered by a Delaware bankruptcy judge.

Spheris, the nation’s second-largest provider of clinical documentation technology and services, filed for Chapter 11 bankruptcy on Feb. 3. At the same time, Spheris announced plans to sell its U.S. operations to MedQuist and its non-bankrupt India subsidiary to CBay for $75.2 million.

However, before the sale can go through, the bankruptcy judge must hold an auction of Spheris’ assets. Today was the deadline for interested buyers to submit bids.

According to court documents filed late today, Transcend and Nuance were …
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Coimbatore helping Indian's F1 cause

BBC News has an excellent news story written by thier Indian correspondent Shilpa Kannan on India's bright future in Formula One.

On a bright sunny day in Coimbatore in the southern Indian state of Tamilnadu, hundreds of motor sport enthusiasts have gathered for what they call a festival of speed. One of the few racing events around the country, this event has brought together bikers, saloon car drivers and karting fans.

Read more

Shocking News - KMCH blacklisted!

Earlier this month, The Kovai Medical Centre and Research Institute (a.k.a KMCH), was blacklisted by the Govt. of Tamilnadu and is suspended from performing renal transplantations.

According to this Times of India article:

"Although several rackets have been busted in Tamil Nadu and many reports, including in some leading medical journals like The Lancet, have indicated that there have been sale of organs, no doctor or hospital has ever been proved guilty. The licences of at least 15 hospitals have been withdrawn and suspension notices issued by the directorate of medical services, particularly after the state health department unearthed a kidney trade where the survivors of the December 2004 tsunami were donors. The Kovai Medical Centre and Research Institute, which has been issued suspension this time, was among them."

But on Feb. 11, KMCH was temporarily given nod to perform surgeries on 31 patients who were already registered by the Chennai High Court.

"Allowing a peti…

By Hook or by Crook

Read a very interesting story recently in DNA about 3 youths who were caught for altering train tickets in Coimbatore, so that that they could travel to Patna.

The youths had purchased four tickets in unreserved compartment from the city to Tirupur. After erasing Tirupur, they managed to enter the destination as Patna in the computerised tickets.

Wondering how they were caught?? The fourth person cancelled his trip and went to the ticket counter to cancel his ticket!! :-)

Spheris goes bust, Cbay to buy in

The rumors finally came true! Spheris filed for Chapter 11 bankruptcy in a Delaware court on Wednesday. And today they announced plans to be acquired by competitors MedQuist and CBay, portfolio companies of CBay Systems Holdings.

In order to commence the transaction, in which MedQuist will buy Spheris’ domestic assets and CBay its India operations, Spheris has filed for Chapter 11 bankruptcy relief in the U.S. Bankruptcy Court for the District of Delaware. Prior to court approval of the agreement, there will be a court-supervised competitive bidding process to solicit other qualified bidders. If bidders emerge, an auction would be held prior to a hearing approving the sale. Spheris India did not file for bankruptcy.

Prospective buyers interested in all or some of Spheris’ assets will likely have 30 days after the court approves the auction to submit their bids. The court will choose the winner and approve the final sale.

Other possible players who might bid in, as reported here, are Bren…

Cognizant Coimbatore on a Hiring Spree

S Sujatha of Economic Times Coimbatore Bureau reports:


IT services major Cognizant is well on course to make Coimbatore a key constituent in its success story. It is on a major recruiting
drive from engineering colleges in and around the city and has already filled up half the seats in its newly opened techno-campus inside a private IT-SEZ here.

Described as one of the largest CTS facilities in a tier-II city, the techno-campus built at a cost of Rs 180 crore has seven floors with a capacity to employ 6000 professionals.

The company also has plans to expand the facility and the second phase is expected to add 6500 seats. "We are aggressively increasing our strength at the new facility. In the last few months, we have added hundreds of people and at present, we have 3500 employees ," Cognizant VP and centre head, Coimbatore Vishnu Potty told ET.

"It is a big facility and one of the fastest growing delivery centres in the country. So we want to hire people as quickly as p…

What's cooking at Spheris?

Spheris Inc., has been in the news lately for all the wrong reasons. Rumor mills are churning out new gossips everyday regarding its status. Is it up for sale? Is it bankrupt? Is Cbay Systems taking over Spheris?

Well, consider these first:

In its 2Q earnings call last August, Spheris' CEO Dan Kohl said, "I am not satisfied with where we are at this point. I want to see a clear sign that customers are happy with us and that we’ve begun to really turn the corner in a positive way, which will mean signing some new business, feeling good about that and stopping the losses"

Net revenue, which reached $52.3 million in the first quarter of fiscal year 2007, has fallen every consecutive quarter since, to $40 million in the second quarter of 2009

Last November, days before Spheris would have released its third-quarter earnings, the privately held company terminated its voluntary registration with the U.S. Securities and Exchange Commission.

Three weeks later, Kohl resigned as CEO jus…