National private ambulance provider Rural/Metro Corp., which provides 911 services to Aurora, announced Monday the company is filing for Chapter 11 bankruptcy.
Through ownership of Pridemark Paramedic Services, the company also provides exclusive 911 ambulance services in Arvada, Edgewater, Fairmount and Wheat Ridge. The company also is responsible for backup services throughout the metro area and provides ambulances for medical standby for events at Dick’s Sporting Goods Park and at Arapahoe Park Horse Track, according to the company’s website.
The financial that Arizona-based Rural/Metro has crafted is intended to keep the company operational while reducing debt in part by cutting interest expenses in half.
Bondholders are committing $135 million in new equity by the fourth quarter of this year, and the company’s lenders have offered a commitment for $75 million in debtor-in-possession financing.
“The significant infusion of new capital by our lenders underscores their confidence in the value of our business,” said the company’s new president and chief executive officer, Scott Bartos.
Aurora Fire Chief Mike Garcia expressed some of that confidence in a statement Monday.
“We have a long-standing partnership with Rural/Metro, and the company has served our community well,” Garcia said. “I have every confidence that Rural/Metro will continue to deliver outstanding service as they go through their restructuring process.”
