Health IT company M*Modal, faced with large amounts of debt and declining sales, is planning to file for bankruptcy protection, according to a report in The Wall Street Journal.
M*Modal is currently working on a restructuring plan that would help ease its way through bankruptcy court and allow the company to continue operations as normal, according to the report.
M*Modal is owned by One Equity Partners, a venture capital arm of J.P. Morgan Chase. One Equity acquired M*Modal in a leveraged buyout in 2012, when the company carried a third of the $750 million in debt it carries now, according to the report.
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