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

less for our customers and we appreciate their continued support.  I would also like to thank the dedicated employees of Spheris for their commitment to the Company and for working hard to provide the outstanding service quality and quick turnaround times that our customers expect."

Prior to the Court approval of the MedQuist/CBay agreement, there will be a court-supervised auction process to facilitate competitive bidding by other qualified bidders.  The auction process is intended to achieve the highest price possible for the assets and provide the Company with an efficient way to address its capital structure without disrupting operations.  The bidding procedures, if approved, would require interested parties to submit binding offers to acquire some or all of the Company's assets within approximately 30 days of Court approval of the bid procedures.  If qualified bids are submitted, an auction would be held a few days prior to the sale hearing.  A Court hearing approving the sale to the winning bidder would be held soon after the conclusion of the auction, followed by a final closing.  If the MedQuist/CBay agreement is approved and the conditions thereunder satisfied, Spheris expects that the transaction will be completed in the first half of 2010.    

In addition, a syndicate of lenders has confirmed that they will enter into a Senior Secured Super-Priority Debtor-in-Possession Financing Agreement among the debtors under the bankruptcy case, with Ableco, L.L.C., as Collateral Agent, and Cratos Capital Management LLC, as Administrative Agent, to provide up to $15 million in Debtor-in-Possession financing upon the terms and conditions set forth therein, including entry of an order of the Court approving the financing.  The financing facility will be used to fund ongoing operations and repay outstanding revolving credit loans under its pre-petition credit facility a
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