Bird Global Goes Private as It Emerges from Bankruptcy

Dow Jones04-05

By Sabela Ojea

Bird Global has emerged from the chapter 11 bankruptcy protection it filed in December as a private company.

The Miami-based distributor of electric scooters designed for short-term rental said Thursday that it has been renamed as Third Lane Mobility after selling its Bird and Spin brands to the namesake company.

Both brands are expanding their operations across North America, Europe, the Middle East and Asia after gaining or renewing contracts since it began chapter 11 bankruptcy proceedings to strengthen its balance sheet and reduce its expenses.

Some of the reasons Bird mentioned for its bankruptcy filing included a significant litigation expense related to the more than 100 lawsuits it faced, mostly related to personal-injury claims involving its scooters. The company's Canadian and European businesses weren't part of the bankruptcy.

About four months before the filing, Bird acquired the parent company of the electric scooters brand Spin for $19 million, including $10 million in upfront cash. Shortly after that, the company suspended trading on the New York Stock Exchange and began trading on the OTC exchange amid executive exits.

The company had been warning about its ability to continue operating as a going concern since November 2022 and most recently reported a quarterly loss of $19.8 million and a 25% drop in revenue to $54.3 million.

Bird went public in 2021 through merging with a special-purpose acquisition company.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 04, 2024 18:27 ET (22:27 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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