Former Spheris files liquidating plan to distribute sale proceeds

By Caroline Salls

Pittsburgh, June 11 - SP Wind Down Inc., formerly Spheris Inc., filed a liquidating plan Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the sale of substantially all of Spheris' assets closed on April 22. As of the closing, the company said it no longer has any significant business operations.

Net proceeds of the sale, the disposition of any remaining assets and any avoidance action recoveries will be distributed to creditors under the plan.

Plan creditor treatment will include:

• Holders of administrative expense claims, priority tax claims, non-tax priority claims and other secured claims will be paid in full in cash;

• Holders of general unsecured claims and senior subordinated note claims will receive a share of an unsecured claim distribution; and

• Holders of subordinated claims and equity interests will receive no distribution.

Spheris is a Franklin, Tenn.-based outsource provider of clinical documentation technology and services to health systems, hospitals and group medical practices throughout the United States. The company filed for bankruptcy on Feb. 3. The Chapter 11 case number is 10-10352.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.