The bank debt for the former Bridge Information Systems shot up recently with the rising stock of SAVVIS Communications Corp. The bank debt is believed to have traded in the 131/2-14 range two weeks ago before jumping into the low 50s context last week. Traders said the name has not changed hands for more than a year.
Bridge acquired SAVVIS in 1999 before filing for bankruptcy in February 2001. In conjunction with the bankruptcy, Bridge's secured creditors received the rights to shares in SAVVIS. "The administrator in charge of the Bridge estate, in connection with Bridge creditors, has the right to distribute approximately 45 million shares of SAVVIS common stock to its secured creditors, all of which will be freely tradable," SAVVIS company filings explained.
SAVVIS has recently received court approval to purchase substantially all of the assets in Cable & Wireless USA and Cable & Wireless Internet Services for cash and assumed liabilities. Nancy Bridgman Lysinger, SAVVIS' v.p. and treasurer, did not return calls.