Global Bike-Share Co. To Seek Bankruptcy Protection

Law360, New York (January 21, 2014, 1:30 PM EST) -- A company supported by the city of Montreal that provides bicycles and support technology for bike-sharing systems in cities across the globe intends to seek bankruptcy protection, after problems with software updates caused some city programs to withhold payments of CA$5.6 million, Montreal's mayor said Monday.

Montreal Mayor Denis Coderre said Monday that because the Société de vélo en libre-service, better known as Bixi, cannot meet its financial obligations or find a viable short-term solutions to its cash flow problems, the city-supported company will seek protection...
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