Health IT vendor M*Modal, which filed for Chapter 11 in early March, expects to emerge from bankruptcy within three weeks.
In April, the company announced a financial restructuring plan that would reduce M*Modal's debt by more than 55 percent, approximately $350 million. M*Modal has continued operations throughout the bankruptcy period.
"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. "With renewed financial strength, we will continue our focus on delivering innovative solutions to our healthcare customers and growing market share."
More Articles on the Health IT Market:
Siemens Considering Selling Health IT Division
Health IT Tech Hubs Growing in Chicago, Miami
The Most Exciting New Technology: 3 CIOs Reflect