"A cloud on the horizon:
Councillors are uneasy because this is not the first time the BIXI brand has been in financial trouble. In 2011, Montreal was forced to give Bixi a $108-million bailout package, including a $71-million loan guarantee and $37-million loan.
It was the City of Montreal that created the Public Bike System Company — BIXI’s parent company — to develop a shared bike program. PBSC then sold the idea to cities around the world, including New York, Boston, Minneapolis, Melbourne and London. PBSC created BIXI Toronto Inc. to run the program here.
The Quebec company — which is controlled by the City of Montreal through its board — is currently negotiating to sell most of its foreign operations."
QUOTE: The Toronto Star.