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Montreal's bike-sharing program, Bixi, has received $108 million of financial backing from the city.
The money package includes a $37-million loan from the city of Montreal, and a total of $71 million in credit lines and margins.
The credit required the approval of Quebec's Public Affairs Minister, Laurent Lessard, whose office was able to see an advanced copy of Montreal's auditor general's report on the Bixi's finances.
Mayor Gérald Tremblay said the money will help the private, non-profit Public Bike System Co. expand.
Tremblay added that the nine employees the company laid off last week will be getting their jobs back once the financial deal is official.
DespiteBixi's popularity, the system runs a deficit, which the company blames on the high cost of installing bikes around the city with its launch in 2008.
The city's auditor general began investigating the finances of the bike-sharing program in 2010 and discovered a $31.7-million deficit.
Bixi has already expanded to several cities, including Toronto, Boston and London.
The money package includes a $37-million loan from the city of Montreal, and a total of $71 million in credit lines and margins.
The credit required the approval of Quebec's Public Affairs Minister, Laurent Lessard, whose office was able to see an advanced copy of Montreal's auditor general's report on the Bixi's finances.
Mayor Gérald Tremblay said the money will help the private, non-profit Public Bike System Co. expand.
Tremblay added that the nine employees the company laid off last week will be getting their jobs back once the financial deal is official.
DespiteBixi's popularity, the system runs a deficit, which the company blames on the high cost of installing bikes around the city with its launch in 2008.
The city's auditor general began investigating the finances of the bike-sharing program in 2010 and discovered a $31.7-million deficit.
Bixi has already expanded to several cities, including Toronto, Boston and London.
