Rochester, NY -- Ambulance service provider Rural/Metro Corporation has filed for Chapter 11 protection in U.S. Bankruptcy Court.
The company says in a news release it has reached an agreement-in-principle with most of its lenders and bondholders on a financial restructuring plan that would cut its debts in half by converting some debts into equity and reducing interest expenses.
Rural/Metro says the restructuring process will help ensure it can continue to invest in its business, meet the needs of patients and improve service. The news release says operations are expected to continue as normal.
Preparations for the Chapter 11 filing were first reported Friday by the Wall Street Journal. Mayor Tom Richards said Friday the city has been assured there won't be problems with ambulance service.