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Public Bike System Company files for bankruptcy

Fasken
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Public Bike System Company ("PBSC")

Public Bike System Company (PBSC) filed for bankruptcy on May 1, 2014. Previously, they submitted a notice of intention to seek protection under the Bankruptcy and Insolvency Act in January 2014. The purpose of the filing was to allow PBSC to restructure its business and finances. A sales process for PBSC’s international operations took place. On April 19, 2014, a Quebec investor acquired BIXI’s international arm: the system and equipment sales activities and the call center for $4 million. On April 29, 2014, with the Court’s authorization, the City of Montréal resumed managing the equipment and operations of Montréal’s public bike service and decided to extend this activity for at least another year. PBSC operated in 10 cities and other locations across the world, including BIXI in Montreal. Fasken Martineau advised PBSC with a team comprised of Alain Riendeau, Luc Morin and Brandon Farber.

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