Bird, Leading Electric Scooter Company, Declares Bankruptcy
Bird has filed for Chapter 11 bankruptcy, capping off a turbulent year for the electric scooter company.
This decline led the NYSE to issue a warning that Bird’s share price was too low.
Separately, Bird also announced a round of layoffs shortly after buying rival Spin for $19 million.
Chapter 11A Chapter 11 bankruptcy will enable Bird to restructure its financials without disrupting day-to-day operations, with Apollo Global Management division MidCap Financial among existing lenders providing $25 million in financing through the bankruptcy proceedings.
And in Europe, dockless scooter startup Tier recently laid off 22% of its workforce, which followed Dutch e-bike startup VanMoof’s bankruptcy proceedings.
