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Former Spheris' confirmed liquidating plan became effective Monday
By Lisa Kerner
Charlotte, N.C., Sept. 21 - SP Wind Down Inc.'s first amended joint liquidating plan became effective Sept. 20, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.
The company, formerly Spheris Inc., had its plan confirmed on Aug. 26.
As previously reported, the sale of substantially all of Spheris' assets closed on April 22.
The 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 the following:
• 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. The company filed for bankruptcy on Feb. 3, 2010. The Chapter 11 case number is 10-10352.
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