01/20/2014 02:33 EST | Updated 03/22/2014 05:59 EDT

Bixi Bankrupt, But Service May Still Operate This Summer

MONTREAL - Montreal's bike sharing service, Bixi, has gone bust.

Bixi has filed for bankruptcy protection, but Montreal Mayor Denis Coderre says the service is still expected to operate this summer.

Coderre says Bixi owes the City of Montreal about $48 million and can't loan the bike sharing company any more money.

The mayor says it's not Montreal's role to replace private enterprise.

Bixi was developed in Montreal in 2008 and expanded internationally to countries such as the United States and Australia.

Coderre says Bixi has been trying to sell its international operations to raise money, but has been unsuccessful so far.

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