We look at an art project that launches Friday on an empty lot on Roosevelt Row. Handmade blankets will cover the lot, then be given to homeless agencies in the Valley.
Rural/Metro Company Facing Financial Challenges
Scottsdale-based Rural/Metro fire and ambulance company said it recently missed an important payment on a bond. Rural/Metro Corporation said it is working to address the outstanding debt and is developing a new business model. The private ambulance firm serves millions of people who need 911 services in rural areas of Maricopa and Pima counties as well as in 20 other states. A recent report from Standard and Poors said the company faced a $15 million bond payment due on July 15.
But in a written statement, Rural/Metro spokesman Daniel Moore said, "Our board and management team recently elected not to make the interest payment for our unsecured bonds by the July 15 deadline.” He added, “Rural/Metro continues to take action to align our operations and capital structure with the realities of our business."
Rural/Metro has suffered a series of setbacks in the past few years. The firm replaced two CEOs and laid off 90 employees during a restructuring effort in April. Then, Moody’s downgraded Rural/Metro’s bond rating to “junk status” in May.