Transcend Services, Inc, a provider of medical transcription services to the U.S. healthcare market, announced that it has submitted a bid to acquire substantially all of the assets of Nashville, Tenn.-based Spheris, Inc. and the stock of its subsidiary.
As a result of its inability to service its debt, Spheris filed for Chapter 11 bankruptcy protection on February 3, after entering into a “stalking horse” purchase agreement with MedQuist Inc and CBay Inc in a proposed sale under Section 363 of the United States Bankruptcy Code. The United States Bankruptcy Court for the District of Delaware established a bid process whereby interested parties, including Transcend, submitted qualified bids on April 8. All qualified bidders will be able to participate in an auction of substantially all of the assets of Spheris and the stock of its subsidiary on April 13. If Transcend is the successful bidder in the auction, it anticipates that the ensuing transaction will close by mid- to late-April.
Source: Transcend Services, Inc