Bird files for bankruptcy

Electric scooter startup Bird has filed for Chapter 11 bankruptcy.

Bird will use the court-supervised process to facilitate a sale of its assets, and has entered into a “stalking horse” agreement with its existing lenders, which effectively sets a floor for Bird’s value. The bid is subject to higher and better offers, and is aimed at maximizing value for all stakeholders. Bird expects to complete the sale process in the next 90-120 days.

Bird Canada and Bird Europe are not part of the filing and continue to operate as normal.

Founded in 2017 by former Lyft and Uber executive Travis VanderZanden, Bird offers short-term access to electric scooters. Since its inception, Bird riders have traveled over 300 million miles globally. It raised more than $600 million in venture funding and went public in 2021 via a SPAC merger.

“This announcement represents a significant milestone in Bird’s transformation, which began with the appointment of new leadership early this year. We are making progress toward profitability and aim to accelerate that progress by right-sizing our capital structure through this restructuring. We remain focused on our mission to make cities more livable by using micromobility to reduce car usage, traffic, and carbon emissions.” – Bird interim CEO Michael Washinushi.