TransCare Corp., an ambulance company that serves three Westchester communities, ceased operations today.
The company filed a petition to liquidate its assets, yesterday in U.S. Bankruptcy Court in New York. It estimated its assets at between $10 million and $50 million and its liabilities between $50 million and $100 million.
It listed more than 4,000 potential creditors.
TransCare is based in Brooklyn. It provides ambulance service in Mount Vernon, New Rochelle, White Plains and parts of Duchess County. It also has operations in Delaware, Maryland, New Jersey and Pennsylvania. It provides a variety of services including emergency and non-emergency transportation, paratransit and 911 dispatch.
The Westchester towns have made arrangements with Empress Ambulance Service to fill in for now.
Mount Vernon Mayor Richard Thomas sees an opportunity for the city to take over ambulance services. “Our firefighters can, and should, be equipped to provide these services,” he said in a press release. “The city should not be threatened because a private operator may or may not be able to operate.”
Two investment groups affiliated with Patriarch Partners III LLC, Manhattan, own 61 percent of TransCare, and several entities affiliated with Credit Suisse Asset Management own 25 percent.
