Bixi files for bankruptcy protection
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January 21, 2014, 06:53
Filed under: Uncategorized | Tags: bike share, Bixi, cycling, Montreal, transportation, urban cycling
Filed under: Uncategorized | Tags: bike share, Bixi, cycling, Montreal, transportation, urban cycling
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.
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