white and black kick bird scooter parked besides white plant pot

Photo by Chandra Oh on Unsplash

Pioneering Micromobility Company Bird Global Declaring Bankruptcy

December 21, 2023

Bird Global, the driving force behind green electric transportation, has recently embarked on a journey to revamp its financial structure. This move is all about fortifying their economic standing and paving the way for enduring and robust growth.

Bird, in partnership with Spin, provides economical and sustainable transit options, such as e-scooters and e-bikes, globally. Its community-focused approach has resulted in reliable mobility solutions across 350 cities, spanning from the United States and Canada to Europe, the Middle East, and Australia.

As Bird charts its future course, it is backed by a supportive chorus of first- and second-lien lenders. What’s more, a financial boost of $25 million in debtor-in-possession financing will be provided by Apollo Global Management and Bird’s second-lien lenders.

At the helm, steering Bird through this financial journey, remain Interim CEO Michael Washinushi, Board Chair John Bitove, President Stewart Lyons, and CFO Joseph Prodan. The board has also seen some changes with the addition of Harvey L. Tepner as an independent director and the departure of Philip Evershed.

Bird is using this avenue to facilitate the sale of its assets. A “stalking horse” agreement has been set with existing lenders, establishing a minimum bid that aims to optimize value for all involved. The expected timeline for completing this sales process is 90-120 days.

Despite this reshaping, Bird’s other entities, Bird Canada and Bird Europe, will continue unhindered operations. To date, Bird riders globally have covered an impressive 300 million miles, prevented roughly 90 million pounds of carbon emissions, and played a key role in the sustainability goals of hundreds of cities.

As Bird steps into this restructuring phase, it has filed several “First Day Motions” to ensure a seamless transition into bankruptcy. These provisions are designed to ensure that employees’ wages and benefits are paid and that all aspects of Bird’s operations continue as usual.

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