San Francisco's Yellow Cab reveals possible plans for bankruptcy

A Yellow Cab drives through the streets of San Francisco on Wednesday, January 6, 2016. (KGO-TV)

San Francisco's Yellow Cab Co-op released a statement Wednesday on possible plans for bankruptcy.

It says, "We have had an unusual number of accident claims recently that have forced us to consider this as an option."

"If the filing was necessary, we expect to be in a stronger position than before the filing," the statement said.

The city's largest taxi company says it has no plans to shut down and say regular cab operators will not be affected.

Ride sharing services like Uber and Lyft have hurt business.

Officials hope the bankruptcy filing will help them restructure and shed growing debt.
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