FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Rural/Metro Successfully Completes Financial Restructuring

January 02, 2014, 07:46 AM
Filed Under: Bankruptcy

Rural/Metro Corporation, a national provider of private ambulance and fire protection services in 21 states and nearly 700 communities, announced its emergence from Chapter 11 as a reorganized company.

"Today marks the successful completion of our financial restructuring and the start of a new chapter for our Company," said Scott A. Bartos, President and Chief Executive Officer of Rural/Metro. "As a stronger and more competitive company, we will continue to invest in infrastructure and technology and advance our commitment to providing state-of-the-art medical transportation and fire services. Importantly, I want to thank all Rural/Metro employees, whose tireless efforts have been instrumental to our successful restructuring. I am excited to begin 2014 as the new and improved Rural/Metro."

As previously announced, Rural/Metro's Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware on December 17, 2013. Rural/Metro has met all closing conditions of its Plan of Reorganization. Through its financial restructuring, Rural/Metro has reduced its financial indebtedness by approximately 50 percent. In addition, Rural/Metro's bondholders will provide the Company with a new equity capital infusion of $135 million to help position the Company for renewed growth.

Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, Lazard Frères & Co. L.L.C. is serving as investment banker, and Alvarez & Marsal and FTI Consulting, Inc. are serving as financial advisors to Rural/Metro.

Rural/Metro Corporation is a leading national provider of 911-emergency and non-emergency interfacility ambulance services and private fire protection services, operating in 21 states and nearly 700 communities.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.