Wednesday, December 20, 2023

Bird Files For Chapter 11 Bankruptcy

Los Angeles-based micromobility provider Bird has filed for bankruptcy, saying that it has entered into a "financial restructuring process" with its first- and second-lien lenders. The company--which says it will "operate as usual"--said it has entered into Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Florida. The company sais it has also arranged for $25M for new debtor-in-possession financing from MidCap Financial, a dvision of Apollo Global Management, and will enter into a "court-supervised process to facilitate a sale of its assets".