The nation’s second largest for-profit provider of emergency services has filed for bankruptcy protection. Rural Metro of Scottsdale, Arizona is seeking protection under Chapter 11 – which is the chapter that allows companies who cannot pay their bills to reorganize and stay in business.
Rural Metro, which operates in 21 states with over 8,000 employees, appears to have a plan for moving forward that includes an infusion of $135 million from bondholders. Company executives believe that restructuring can be completed by the end of 2013.