Medical transcription company Spheris Inc. missed a Dec. 15 interest payment to bondholders, sources have confirmed to NashvillePost.com.

Spheris was due to make a semi-annual interest payment on the 15th related to the $123 million in senior subordinated notes listed on its balance sheet at the end of the second quarter. But sources close to the company tell NashvillePost.com the payment was not made. The notes, which mature on Dec. 15, 2012, bear interest at an 11 percent annual fixed rate.

A Spheris spokeswoman said she could not confirm the company missed the payment, but provided NashvillePost.com with the following statement:

"We remain engaged in what we believe are constructive discussions with our lenders. We are continuing to work with our lenders toward our goal of reaching a mutually acceptable resolution to enhance the financial flexibility of Spheris. Spheris does not plan to make any additional comments regarding this matter until the discussions are concluded."

According to one bondholder, Spheris had issued no communication on the matter as of Monday afternoon, and attempts to access the investor relations portion of the company’s Web site produce a “File Not Found” page.

The missed payment is the latest in a series of events indicating financial trouble at the Franklin-based company. As NashvillePost.com first reported, CEO Dan Kohl resigned earlier this month after little more than a year in the role and was replaced by Chief Restructuring Officer Robert Butler. Butler, a consultant from Capstone Advisory Group, is charged with restructuring the company’s debt.

In addition to the senior subordinated notes, Spheris also has on its balance sheet $75 million in senior secured debt that is due in July 2012. In September, Moody’s Investors Service downgraded its outlook on the company’s bonds to “negative,” citing “high financial leverage, modest free cash flow, lack of business diversity and weak liquidity profile.”

Prior to ending its registration with the Securities and Exchange Commission in November, Spheris reported a double-digit revenue slide in the first half of 2009 due to lost business and lower contract pricing.