Medical transcription company M*Modal filed for bankruptcy protection today as the firm owned by J.P. Morgan Chase & Co's private-equity arm seeks to reduce debt, Reuters reported today. M*Modal, which was taken private by One Equity Partners in a $1.1 billion all-cash deal in 2012, listed assets and liabilities in the $500 million to $1 billion range in its bankruptcy petition. M*Modal said it is in "constructive discussions" with its lenders and bondholders regarding the terms of a consensual financial restructuring plan. The company said it expects cash on hand, combined with funds generated from ongoing operations, to provide sufficient liquidity to continue operating through the restructuring process.
