LANHAM, Md. (CBSDC) — One of the companies that makes D.C.’s wildly popular bikeshare system possible is filing for bankruptcy.
The Canada-based Public Bike System Company (PBSC), which provides equipment and technology to Capital Bikeshare and similar systems around the U.S., made the announcement earlier this week.
“PBSC will remain in operation during this period of restructuring and will continue to maintain its services to its users,” the business said in a news release.
The company also does not anticipate job losses.
Businessweek reports that PBSC is $43 million in the red, which stems from a bailout from the City of Montreal in 2011 and the withholding of payments from some U.S. cities that had problems with the company’s bike docking software.
Alta Bicycle Share, Inc. (ABS), a parent company of Capital Bikeshare, told customers on its website that it will ensure that its systems in D.C., New York City, Chicago, Boston, the Bay Area, Columbus, Ohio, and Chattanooga, Tenn., will “continue to operate without interruption.”
“Given our plans to expand current systems and launch new systems this year, we’re in constant communication with both PBSC as well as its suppliers to ensure we can do so successfully,” ABS said.