Bridge Information Systems, Inc.
Having grown to become a billion dollar worldwide provider of financial data, news and information, Bridge Information Systems, Inc. faced an involuntary bankruptcy in early 2001 after attempts to secure new financing proved unsuccessful and talks between the shareholders and the creditors broke down. Engaged as Chief Restructuring Officers for the parent and in Europe and Asia, Alvarez & Marsal executed value recovery from operations in 65 countries. Seeking to maximise the return to stakeholders and preserve the business as a going concern, the cross-border Alvarez & Marsal team installed new cash management tools and improved liquidity management, billing systems and forecasting. They also worked to reduce costs, improve collection cycles, streamline services and significantly scale back capital expenditures, enabling the company to achieve a cash positive position. Over the course of the 18-month engagement, the traded market value of Bridge’s secured debt more than quadrupled. Following the restructuring, Alvarez & Marsal successfully negotiated the sale of the U.S. business to Reuters and the European business to Moneyline/Telerate – a result that kept nearly all employees in place.
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