Rural/Metro Successfully Completes Financial Restructuring
Emerges With Strengthened Balance Sheet and Enhanced Financial
SCOTTSDALE, AZ -- (Marketwired) -- 12/31/13 -- Rural/Metro
Corporation, a national provider of private ambulance and fire
protection services in 21 states and nearly 700 communities, today
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
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 Freres & 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. For more information, visit www.ruralmetro.com.
Andrew Siegel / Dan Moore
Joele Frank, Wilkinson Brimmer Katcher
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