Industrialized Cyclist Notepad


Bixi files for bankruptcy protection
January 21, 2014, 06:53
Filed under: Uncategorized | Tags: , , , , ,

Somebody tell me what to think about this.

Bixi owes the city $31.6 million on a $37-million city loan. Montreal also guaranteed a line of credit on which Bixi owes $6.4 million.That means Montreal taxpayers could be stuck with a $38-million bill, though the city hopes a sale of the international part of the business will cut that amount.Bixi also owes its suppliers $9 million.In total, then, Bixis total debt is at least $47 million.Bixi is also embroiled in multimillion-dollar lawsuits with a former software supplier.

via Bixi files for bankruptcy protection.



NYC Bike-Sharing Program Now Too Big to Fail

The Citi Bike program…He heh… Life is funny.

Citigroup Inc. (C) agreed to pay $41 million to sponsor New York City’s bicycle-rental program, which Mayor Michael Bloomberg said will be the largest such system in the U.S. when it begins in July.

The “Citi Bike” program, presented by the mayor and Citigroup Chief Executive Officer Vikram Pandit at City Hall today, will offer 10,000 bikes branded with the New York-based bank’s logo at 600 docking stations in Manhattan and Brooklyn.

via Citigroup Pays $41 Million to Sponsor NYC Bike-Sharing Program – Bloomberg.

(Folks will pay about $100 for a year’s worth. That’s not “sharing,” is it?)




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