04/17/2013 08:51 EDT | Updated 06/17/2013 05:12 EDT

Toronto's BIXI bike-sharing program facing financial problems: report

TORONTO - A new report says Toronto's bike-sharing program is having trouble covering its operating costs.

The city staff report, to be presented to the executive committee next week, says BIXI is having financial problems and suggests options on how to restructure its relationship with the city.

The report says the bike-sharing company borrowed $4.5 million from the city and as of December of last year, still owed $3.9 million.

Coun. Denzil Minnan-Wong — chairman of the public works committee — says he's disappointed that the program isn't as financially successful as he thought it would be.

He says BIXI has been told to divest itself of the Toronto franchise.

The company also operates in Montreal and Ottawa.


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