It’s no secret that New York’s Citi Bike program is in financial trouble, but the person who could help to save it might come as a bit of a surprise. Bruno Rodi, a Quebec businessman who deals in fine furniture, recently put in a $3.6 million (USD) bid to buy Bixi, which you might remember is the bankrupt company that supplied Citi Bike with its rather problematic equipment. The purchase now seems likely to go through, but what will this mean for the future of Citi Bike?
Although Rodi’s $3.6 million bid was actually $1.4 million short of a subsequent offer by Related and Equinox Fitness, but the Quebec judge ruled the duo’s bid invalid as it came in too late. The judge also noted that Related and Equinox’s big did not include the minimum deposit.
It’s not exactly certain what this means for New York’s bike share program. However, on the surface this purchase is good news as it will help save Bixi from its crippling debt. Beyond New York and Chicago holding out payments due to the bike share company’s glitchy software, CBC News reports that PBSC (Bixi’s parent company) owes $50 million to various creditors. In some more local attempts to save Citi Bike, New York Senator Charles Schumer recently proposed a tax bill amendment to help give it a financial break.