Franklin, Tenn.-based medical transcription technology company M-Modal says it expects to emerge from bankruptcy in the next three weeks. M-Modal filed for bankruptcy protection in March, less than two years after it was acquired for a reported $1.1 billion by an investment unit linked to J.P. Morgan Chase & Co.
A company reorganization and debt restructuring plan was approved last week by the U.S. Bankruptcy Court in New York City, M-Modal said in a release. The plan has the backing of most of the company's lenders and bondholders, according to the release. It is designed to cut company debt by more than 55%, the company said.