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Spheris Reaches Agreement To Be Acquired By MedQuist and CBay
Date:2/3/2010

FRANKLIN, Tenn., Feb. 3 /PRNewswire/ -- Spheris, a leading global provider of clinical documentation technology and services, today announced that it has entered into an agreement under which MedQuist Inc. and CBay Inc., portfolio companies of CBaySystems Holdings Ltd. and leading providers of medical transcription software and services, have agreed to purchase substantially all of Spheris' assets pursuant to a transaction that is to be implemented under Section 363 of the United States Bankruptcy Code.  In order to commence the sale process, Spheris and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Court").  The Company expects its operations to continue as usual during the restructuring process.  Spheris India, a subsidiary of the Company, will be part of the prospective transaction but will not file for bankruptcy.

Robert Butler, Chief Restructuring Officer of Spheris, stated, "Throughout the past year, Spheris has taken steps to strengthen its operations and customer service, and these initiatives are achieving solid results.  Spheris has also been engaged in constructive discussions with certain key constituents of the Company to identify ways to enhance financial flexibility for our operations.  We expect customers will continue to receive high-performing services through a company with a stronger capital structure."

Tony James, Chief Operating Officer of Spheris, added, "Spheris is committed to maintaining the highest levels of customer satisfaction and we will remain focused on our operations throughout this process.  We expect the transition to be seam
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