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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.