NEWS

Bixi's international operations to get new owner

04/11/2014 07:37 EDT | Updated 06/11/2014 05:59 EDT
The international branch of Bixi, the popular but debt-ridden bike-sharing service, is up sale and could have a new owner as soon as today.

The official in charge of Bixi’s restructuring, Dominic Deveaux, would not say who the buyer is. The transaction is confidential until it it is completed, which is expected to happen today in a Montreal courtroom.

The Public Bike System Company, which owned Bixi, owes $50 million to various creditors, including the City of Montreal.

Bixi applied for protection from its creditors in January, and the City of Montreal has since taken over the local operation of the bike-sharing service.

Montreal Bixi season expected to launch mid-April

Mayor Denis Coderre announced in March that the City would be launching a new not-for-profit organization, Bixi Montreal.

With a $4.3 million contract, a $460,000 short-term loan and a $165,000 grant from the City, the organization is expected to launch its season by mid-April.

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