State Street considers charge on $49.5 million investment

BOSTON (Bloomberg) — State Street Corp. is reviewing if it must write off all or part of its $49.5 million investment in Bridge Information Systems Inc., a financial information provider that is seeking bankruptcy protection. State Street, a minority shareholder in Bridge since 1996, said in a statement it is keeping close tabs on Bridge’s plan to reorganize under Chapter 11 bankruptcy protection. It is reviewing whether it needs to take a charge to earnings. New York-based Bridge, which provides financial information to more than 300,000 customers in 65 countries, is trying to stave off bankruptcy with its proposed reorganization plan. Robert Mead, a Bridge spokesman, said the closely held company plans to convert $340 million of debt into equity and eliminate another $400 million of debt by selling assets. The company will receive a $150 million cash infusion from Welsh, Carson, Anderson & Stowe, a closely held investment firm. New York-based Bridge competes with Reuters Group Plc and Bloomberg LP, the parent of Bloomberg News.