Scooter sharing company Bird files for bankruptcy

Bird, a company that operates scooter and bicycling sharing operations in TK cities in the United States filed for bankruptcy Wednesday.

Bird, a company that operates scooter- and bicycle-sharing operations globally, filed for bankruptcy Wednesday, with the aim to sell its United States operations. The Chapter 11 filing will allow Bird, which describes itself as “the largest micromobility operator in North America,” to restructure while the company works to sell off its assets, according to an announcement. For now, the company has entered into a “stalking horse” sale agreement with its lenders, which will establish a minimum value for Bird’s assets. A sale of those assets is expected to happen in the next three to six months, the company said. Bird’s existing lenders will provide $25 million in debtor-in-possession financing. The company will continue operating as usual during the bankruptcy process, according to the announcement. “We are making progress toward profitability and aim to accelerate that progress by right-sizing our capital structure through this restructuring,” interim CEO Michael Washinushi said in a company announcement. “We remain focused on our mission to make cities more livable by using micromobility to reduce car usage, traffic, and carbon emissions.” Bird was founded in 2017 by Travis VanderZanden, a former Lyft and Uber executive. He had been the company’s chief executive but left that role last year and eventually left the company altogether. The company made a strong push as a leader in what seemed like a burgeoning electric scooter market, stocking its branded scooters in numerous cities around the world.