M-Modal, a provider of transcription, speech recognition and natural-language processing technology and services, has completed its financial restructuring and emerged from Chapter 11 bankruptcy protection, the company announced.
As part of its restructuring, approved in mid-July by the U.S. Bankruptcy Court for the Southern District of New York, the Franklin, Tenn. company's debt was reduced by 55%.
“We are pleased to have reached this important final milestone, and look forward to emerging from the financial restructuring process which will dramatically reduce our debt, strengthen our balance sheet and provide significant financial flexibility,” said M-Modal CEO Duncan James in a news release. “We thank our customers, partners and suppliers for their confidence and support throughout this process, and in particular, we thank our employees for their focus and dedication to delivering continued quality services.”
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