Yellow Cab Cooperative Inc., San Francisco’s largest taxi company, filed for bankruptcy protection Friday, the latest in a string of traditional taxi companies to turn to chapter 11 proceedings amid the rapid ascent of ride-hailing rivals like Uber Technologies Inc. and Lyft Inc.

“We are in the midst of serious financial setbacks,” the co-op’s president, Pamela Martinez, said in a letter to co-op members last month. “Some are due to business challenges beyond our control and others are of our own making.”

In papers filed in U.S. Bankruptcy Court in San Francisco, the cab company listed assets of less than $10 million and debts in the range of $10 million to $50 million. In June, a jury awarded $8 million to a woman who was partially paralyzed in a Yellow Cab accident, court paper show.

Fears that Uber, Lyft and others pose serious challenges to traditional cab companies are evident in the price of New York’s yellow cab medallions that license cabdrivers to operate in the city. The price has plummeted from more than $1.3 million in 2013 to between $700,000 and $800,000 last year, according to industry estimates.

New York taxi mogul Evgeny “Gene” Freidman put several of his cab companies into bankruptcy protection last year in a move to stop his lenders from seizing more than 40 of his medallions.