Bird, a provider of electric scooters and bicycles, has filed for Chapter 11 bankruptcy with the Florida court. This move is aimed at facilitating the company’s debt resolution process and is expected to be completed within 90-120 days.
Once a dominant player in the electric scooter service industry, Bird faced tough competition from numerous other companies offering similar services. The company’s valuation reached $2.5 billion in 2019, fueled by capital infusion. However, the COVID-19 pandemic severely impacted its business. In 2021, Bird went public through a SPAC merger, but its stock price declined. As a result, the New York Stock Exchange delisted Bird shares in September due to a consecutive 30-day trading value of less than $15 million.
However, Bird reassures its customers and partners that its operations will continue as usual. The company’s international branches, Bird Canada and Bird Europe, are not part of this bankruptcy process.
TLDR: Bird, a leading provider of electric scooters and bicycles, has filed for Chapter 11 bankruptcy to resolve its debt. Despite the setback, the company assures customers that its services will continue unaffected, and its international branches are not impacted by this process.
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