MONTREAL—The organization behind the North American trend toward big-city bicycle-sharing programs has become a victim, as the city of Montreal and the firm that runs Bixi announced a decision to file for bankruptcy protection.

The iconic gold-and-red bikes and their park-and-pay stations will be set up again in Montreal for one more season once the winter snow clears, partly to avoid the problems for the many cycling enthusiasts in this city who have already purchased subscriptions. But there is no guarantee of survival after that for a privately run program that was founded in 2009 and has ended up costing Montreal taxpayers $40 million in loans that cannot currently be repaid.

The decision to seek bankruptcy protection also puts the future of the bike-sharing programs run by the Société de vélo en libre-service (SVLS) in Vancouver, New York, Chicago, London and a dozen other cities in peril. Officials revealed Monday that two attempts to sell off international assets had failed. That, plus a request by the city of Montreal to repay the outstanding loans, were what prompted the bankruptcy filing.

Bixi’s fallout in Montreal won’t affect the future of Toronto’s bike share program, city officials say.

The Toronto Parking Authority still plans to take over the city’s Bixi program, which was slowly edging toward its own demise last year.

“They have told us that it will be business as usual, they assured us,” said TPA president Lorne Persiko. “We don’t foresee any impact on our financial arrangement or any arrangement.”

The switchover is tentatively planned for April 1. In the meantime, a private operator is handling day-to-day management of the urban cycling program.

Toronto’s program, which was established in 2011, was also plagued by cost overruns, including last year’s discovery that the company could no longer make payments on a $3.9-million city loan.

City Councillor Denzil Minnan-Wong said on Twitter Monday that he was still waiting for more details on the Bixi bankruptcy and would likely have more information on Tuesday.

What gummed up the gears for Montreal-based SVLS was a proprietary new technology that was in development but bogged down by delays. That in turn led to $5.6-million in withheld payments from the cities of New York and Chicago, the firm and the city of Montreal said.

Montreal Mayor Denis Coderre said the bike-sharing program was “a good idea that had its share of problems.” Despite the financing problems, the bike-rental program has proven popular with hipsters and brief-case toting businessmen alike.

“I know that a lot of people will be saddened by the situation because Bixi is a local creation . . . I share this disappointment,” said Montreal Mayor Denis Coderre. “The decision we are taking today was the only one that could save the Bixi.”

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Last fall, municipal officials had put on a brave face following a scathing audit of the bike-share program that warned the SVLS lacked the money to continue operations. That warning was met with brave assurances that there continued to be strong international interest in adopting the program as well as the possibility of financial support from the provincial government to get through a rough patch.

The bankruptcy filing will give the SVLS some breathing room to restructure its business and formulate a plan to either sell its assets or raise the cash to pay off its creditors.