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February 11, 2016 6:56 PM ET

Health Care Technology

Company Overview of MModal MQ Inc.

Company Overview

MModal MQ Inc. provides integrated clinical documentation solutions for healthcare system in the United States. It offers medical transcription technology and services, maintenance services, digital dictation, speech recognition, and electronic signature services. The company also provides solutions ranging from fully-integrated end-to-end managed services to stand-alone offerings that include DocQment Enterprise Platform, a transcription solution that integrates the process of dictation, transcription, speech recognition, editing, and document delivery into a unified clinical information management workflow. In addition, it offers SpeechQ, a front-end speech recognition solution, which enab...

9009 Carothers Parkway

Suite C-2

Franklin, TN 37067

United States

Founded in 1984

6,500 Employees

Phone:

615-798-6000

Fax:

866-796-5127

Key Executives for MModal MQ Inc.

Chairman of The Board and Chief Executive officer
Age: 57
Co-Chief Operating Officer and Chief Financial Officer
Age: 48
Chief Information Officer and Senior Vice President
Age: 57
Executive Officer
Age: 69
Principal Accounting Officer, Vice President and Treasurer
Age: 68
Compensation as of Fiscal Year 2015.

MModal MQ Inc. Key Developments

Second Amended Reorganization Plan Approved for Legend Parent, Inc.

The US Bankruptcy Court approved the second amended plan of reorganization of Legend Parent, Inc. on July 21, 2014. The debtor had filed its amended plan in the Court on June 2, 2014. As per the amended plan, the allowed amount for First Lien Claims will be $508.10 million, of which $8.24 will be paid in cash and the remaining will be paid off by issuing 93% equity stake in the reorganized debtor. Also, General Unsecured Claims of $277.3 million will be paid $0.86 million cash and issuing 7% equity stake in the reorganized debtor and New A Warrants and New B Warrants. Allowed amount of U.S Trustee fees, administrative claims, professional fee claims, priority tax claims, priority claims, DIP claims, other secured claims and convenience class claims will be paid in full in cash. The allowed amount of first lien claims of $507.68 million will be settled in exchange of 93% of equity of the reorganized company, new term loan of $320 million and $8.2 million in cash. Subordinated claims will get no distribution. Holders of intercompany claims and equity interests will get no distribution as their claim is cancelled. Intercompany interests will be reinstated. The plan will be funded by cash in hand amounting to $74 million. The debtor will issue a new term loan of coupon 9% amounting to $320 million along with the new exit facility of $50 million. The debtor will issue common stock of face value $0.01, new Warrants A and new Warrants B to pay off claims.

Exit Financing Approved for Legend Parent, Inc.

The US Bankruptcy Court gave an order to Legend Parent, Inc. to obtain exit financing on July 17, 2014. As per the order, the debtor has been authorized to obtain a senior secured exit revolving credit facility in the amount of $50 million from Wells Fargo Bank, National Association, pursuant to senior secured exit revolving loan facility commitment letter dated June 25, 2014. As per the terms of the exit financing agreement, the loan carries a commitment fee of $0.15 million. The exit facility would mature on 5 years from the closing date. The closing date would be on August 15, 2014. The proceeds of exit facility would be used to fund the debtor to pay off the claim of debtor’s secured lender.

Second Amended Joint Reorganization Plan and Disclosure Statement Filed by Legend Parent, Inc.

Legend Parent, Inc., along with its affiliates, filed a second amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on June 2, 2014. As per the amended plan filed, the allowed amount for First Lien Claims will be $508.10 million, of which $8.24 will be paid in cash and the remaining will be paid off by issuing 93% equity stake in the reorganized debtor. Also, General Unsecured Claims of $277.3 million will be paid $0.86 million cash and issuing 7% equity stake in the reorganized debtor and New A Warrants and New B Warrants. The treatment of the remaining classes will not change. As per the plan supplement to second amended plan of reorganization filed on June 25, 2014, the new exit facility will be of $50 million.

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