Yellow Cab SF files for Chapter 11 bankruptcy
SAN FRANCISCO (KTVU) - San Francisco's Yellow Cab Cooperative, Inc. filed for Chapter 11 bankruptcy on Friday.
According to a news release, the company intends on running its operation as before, but is restructuring the businesses tort-related debt in order to prevent disruption to their passengers, drivers, employees, and affiliates.
"Our new competitors have built their business model on the storyline of destroying us," said Bob Cassinelli, a Yellow Cab SF representative, earlier this month.
The cab service is a cooperative with over 300 owners and is San Francisco's largest taxi company.