Bridge Information Systems Responds to Involuntary Filing by Creditor.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 1, 2001 Bridge Information Systems Inc. (BRIDGE(R)) today announced that an involuntary petition under the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code Bankruptcy Code may refer to:
The Company said that it is currently evaluating its options, which may include seeking a dismissal of the involuntary filing or converting it to a voluntary bankruptcy voluntary bankruptcy n. the filing for bankruptcy by a debtor who believes he/she/it cannot pay bills and has more debts than assets. Voluntary bankruptcy differs from "involuntary bankruptcy" filed by creditors owed money to bring the debtor before the bankruptcy case while it continues to pursue a recapitalization and debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: plan that the Company has been discussing with its largest shareholder, Welsh, Carson, Anderson & Stowe, and certain of its creditor groups. Under the involuntary proceeding, BRIDGE(R) is permitted to operate its business in the ordinary course, unless the Court orders otherwise. The Company said that it intends to continue to pay employees' pre-petition and post-petition wages, salaries and benefits without interruption, and to fulfill obligations to clients throughout the reorganization. The Company said that it has retained PricewaterhouseCoopers to assist management in identifying and evaluating alternative strategies regarding a financial restructuring. BRIDGE said that it has taken significant steps to improve operations over the last several months. About BRIDGE BRIDGE, together with its principal operating units, Bridge Information Systems, Telerate(R), Inc., eBRIDGESM, Bridge Trading, and BridgeNewsSM, is the largest provider of financial information and related services in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and one of the fastest growing in the world. BRIDGE information products include a wide range of workstations, market data feeds and web-browser-based applications, combined with comprehensive market data, in-depth news, powerful analytic tools and trading room integration systems. BridgeNews leverages a network of 600 BRIDGE journalists in more than 100 locations that break news that affect securities markets globally. BRIDGE is the co-producer of the Nightly Business Report Nightly Business Report is a financial news television program that is broadcast live, weekday evenings on most of the public television stations in the United States. Frequently abbreviated to NBR, the show is produced by public television station WPBT-TV in Miami, Florida, and and is a leading provider of financial news and information to media companies worldwide. BRIDGE, with 5000 employees worldwide, and over a quarter of a million users in over 65 countries, is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. with the BRIDGE Trading and Technology center in St. Louis, and major regional centers in Europe, the Middle East, Africa, and the Pacific Rim. For more information visit the BRIDGE web site at http://www.bridge.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion