Thursday, February 04, 2010

Spheris India is now CBay Group Company

Well, it's official now. The word has come from the horse's mouth itself.  The BIG combo of  MQ plus CBay has now another big cat under their kitty, the once mighty Spheris but now a bankrupt Spheris. As every one knows that Spheris has already filed for bankruptcy protection under the United States Bankruptcy Code on February 3, 2010.  The Spheris deal is to be governed by a bidding process subject to regulatory and court approval.  If the court approves the deal, the entire deal will be expected to be completed by the first half of 2010 and thus will make $400 million CBay company even bigger than ever.

CBay Holdings, through its subsidiaries MedQuist, Inc. and CBay, signed an agreement with Spheris to purchase select operating assets and liabilities of Spheris in multiple geographies, said in a statement released by CBay promoters.  The entire transactions will be done through a bidding process, subject to regulatory and court approvals. According to the agreement, MQ will acquire the domestic (US) and Canadian business of Spheris, while CBay, Inc. (the majority owner of MQ) will acquire the stocks of Spheris' India subsidiary, Spheris India Privated Ltd., thus bringing the end of tension to thousands of Spheris' workforce in US, Canada, and India.  
 
Spheris, based in Tennessee, US, with operations in North America and India had a consolidated revenue of $182.8 million and a net loss of $19.2 million for the year ended December 31, 2008.  So, the deal will make CBay Holding richer by almost $200 million, thus probably making it the biggest medical transcription company in the world.

Best of luck to all Spheris employees for a better tomorrow!!!



© 2010 Ranjan Kumar

7 comments:

davidbaer said...

Cash Making Opportunities - The Beginning The working life is already tough enough, but the worries of being out of work was even tougher. The unsecured working environment have prompted me to search the internet for an alternative source of extra income so that I could learn how to Make Money Work for me and be Financially Independent. I listed down a number of Free Internet Business Opportunity Ideas while researching ways how people earn money online while working-from-home
www.onlineuniversalwork.com

aretha said...

Earning money online never been this easy and transparent. You would find great tips on how to make that dream amount every month. So go ahead and click here for more details and open floodgates to your online income. All the best.

aretha said...

Earning money online never been this easy and transparent. You would find great tips on how to make that dream amount every month. So go ahead and click here for more details and open floodgates to your online income. All the best.

aretha said...

Earning money online never been this easy and transparent. You would find great tips on how to make that dream amount every month. So go ahead and click here for more details and open floodgates to your online income. All the best.

eusebio said...

Get Genuine Ways To Earn Money Online With Payment Proofs. You Can Learn How To Make Money With Traffic Improvement Tips and make $100 every day .So That You Don't Waste Your Time And Money. click here

Anonymous said...

I could not refrain from commenting. Exceptionally well written!


Feel free to surf to my web-site: buy a car with bad credit

Anonymous said...

The Cаr Loans For Baԁ Credit K1300 GΤ lighter than itѕ predeceѕsor,
the E46 325, the E90 sеdan's engine generates 215 horsepower at 6250 rpm and 185 ft-lbs of torque at 6, 600 rpm. 1977 saw the arrival of the totally redesigned 2009 7-series is here, big time.

Also visit my homepage ... topgallant