Franklin, Tenn.-based M*Modal has reached an agreement on a financial restructuring plan with the controlling majority of its lenders and bondholders.
The financial restructuring plan is positioned to reduce M*Modal's debt by more than 55 percent, approximately $350 million.
"This agreement will dramatically reduce our debt, strengthen our balance sheet and provide the Company with significant financial flexibility, said M*Modal CEO Duncan James in a news release. "By reducing our debt by more than $350 million, we will successfully align our capital structure with our strategy and operations and position M*Modal for continued success."
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