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Quebec businessman Bruno Rodi is a step closer to buying the international branch of Bixi, the popular but debt-ridden bike-sharing service.

His bid of $4 million for the international operations of Public Bike System Company (PBSC), the firm that owns the Bixi brand, was upheld after a Quebec judge ruled Friday that a bigger offer from another company was submitted too late.

On Thursday night, American company REQX Ventures outbid Rodi with an offer of $5 million US to the City of Montreal, which is PBSC's largest creditor and took over the Montreal arm of its bike-sharing business in February.

Bixi owes $50M

PBSC owes $50 million to various creditors. The company applied for bankruptcy protection in January, and in February, Montreal bought its local assets for $11.9 million.

City officials say they've already spent millions of dollars subsidizing Bixi, but some say Bixi will continue to need public financing to thrive.

"If you look in Europe and most North American cities, there's only one model that works — it's the subsidized one. Everywhere Bixi rolls, there's a city behind that helps," said La Presse editorial writer François Cardinal.

Montreal Mayor Denis Coderre announced in March that the city would be launching a new non-profit organization to oversee the city's bike-sharing program — Bixi Montreal. With a $4.3-million contract, a $460,000 short-term loan and a $165,000 grant from the city, the organization is expected to launch its bike-sharing season by mid-April.

"We have at least 54,000 subscribers," Coderre said. "I'm asking the people to show their love. So, if they want to keep it, I will have some recommendations. We created an organization that's taking care of that, and by the end of the year I will know what will be the future