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Corporate Bankruptcy Law And Rural/Metro Filing For Chapter 11
Scottsdale-based Rural/Metro announced this week that it was filing for Chapter 11 bankruptcy protection. The company provides ambulance and firefighting services to nearly 700 communities in 21 states. According to a statement, the company sought bankruptcy protection because of reduced revenue and delayed cash collections.
Yesterday, Rural/Metro got court approval of its bankruptcy refinancing so it can borrow up to $40 million on its way to what it hopes is a company restructuring by the end of the year.
The Rural/Metro filing and Tempe-based US Airways’ expected merger with a just-emerging from bankruptcy American Airline led to Scott Brown who specializes in corporate bankruptcy law for Lewis and Roca, a KJZZ underwriter.