Bird Global Initiates Strategic Financial Restructuring for Long-Term Growth, Ensuring Uninterrupted Service Amidst Asset Sale Process

Bird Global, a US-based provider of eco-friendly transportation solutions, has initiated a financial restructuring process as part of its strategic efforts to fortify its balance sheet and pave the way for sustained, long-term growth. Throughout this undertaking, Bird affirms its commitment to normal operations, ensuring uninterrupted service for riders, and upholding obligations to partner cities, fleet managers, and employees.

In a noteworthy development, Bird emphasizes that Bird Canada and Bird Europe remain unaffected by the filing and will continue to function without disruption. Michael Washinushi, the Interim CEO of Bird, views this announcement as a significant milestone in the company's transformation, particularly since the installation of new leadership earlier in the year.

Washinushi elaborates on the company's trajectory, stating, "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."

As part of the restructuring strategy, Bird plans to facilitate the sale of its assets through a court-supervised process. A crucial aspect of this initiative involves a "stalking horse" agreement with the company's existing lenders, establishing a baseline for Bird's value. The bid is open to higher and superior offers, with the overarching goal of maximizing value for all stakeholders involved. Bird anticipates completing this sale process within the next 90 to 120 days.

Highlighting the environmental impact of Bird's services, the company notes that since its inception, Bird riders have collectively covered over 300 million miles globally. This has resulted in offsetting an estimated 90 million pounds of carbon emissions, contributing significantly to the sustainability goals of numerous cities while providing a convenient and efficient alternative to traditional transportation.

To facilitate a smooth transition into bankruptcy, Bird has filed a series of customary "First Day Motions" with the court. These motions encompass provisions for the payment of wages and benefits to employees, ensuring operational continuity. Bird expects swift approval of these requests by the court, aiming to minimize any adverse effects of the restructuring process on city partners, riders, employees, and other key stakeholders.