Bridge Information Systems

Bridge Information Systems, a worldwide distributor of financial information, had more than 110 companies, activities in over 65 countries and combined global revenues of $1.2 billion. The company accumulated senior bank debt of $700 million and had a negative cash flow of $10 million per month. Alvarez & Marsal was engaged as Chief Restructuring Officer to oversee the turnaround plan for the group's operations in the U.S., Europe and Asia. A&M installed new cash management tools and improved liquidity management, billing systems and collections. Other notable outcomes included: reduced costs, improved collection cycle, streamlined services and selectively scaled back capital expenditures, which allowed Bridge to achieve a cash positive position. The company's U.S. business was sold to Reuters, while its European business was sold to Moneyline / Telerate. In addition, senior bank debt of $700 million, which was trading at $100 million at the beginning of the project, increased in value to approximately $500 million within 18 months.