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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 Nuan
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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 , ar

Cognizant Coimbatore on a Hiring Spree

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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