Bird Global, a leading provider of environmentally friendly electric transportation solutions, has announced its plans for a financial restructuring aimed at strengthening the company’s balance sheet and enabling sustainable growth. Despite the restructuring, Bird will continue its daily operations, ensuring that its passengers, partnering cities, and employees are not affected by the changes.
The decision to initiate the restructuring process is aimed at achieving profitability for Bird and adjusting the company’s capital structure. The new management, appointed earlier this year, sees this as a significant milestone in the company’s transformation.
By reaching back to its mission roots of making cities more livable by reducing car usage, congestion, and carbon emissions, Bird declares its support for this transformation. The restructuring process will help accelerate Bird’s progress towards profitability and further fulfill this mission.
Bird has obtained unanimous support from its first and second lien lenders, providing a comprehensive Restructuring Support Agreement (RSA). Additionally, Apollo Global Management and second lien lenders have committed to providing $25 million in financing throughout the bankruptcy proceedings.
Bird voluntarily filed for Chapter 11 bankruptcy with the possibility of entering into a plan of reorganization in the United States Bankruptcy Court for the Southern District of Florida. In this court-supervised process, the company aims to sell its assets and maximize value for all stakeholders. Bird Canada and Bird Europe will continue to operate as usual and are not subject to the bankruptcy proceedings.
Within the next 90-120 days, Bird plans to complete the sale process. The company’s priority is to ensure a smooth transition into bankruptcy while minimizing its impact on stakeholders. Bird has already filed standard First Day Motions to ensure the continued payment of salaries and benefits to its employees.
Bird’s commitment to sustainable and accessible transportation solutions remains strong. The company’s micromobility services, including electric scooters and bikes, have had a significant impact in over 350 cities worldwide, helping reduce carbon emissions and providing reliable transportation options for communities.
Source: Bird Global, Inc. (www.bird.co)
FAQ:
What is financial restructuring?
Financial restructuring is the process of making changes to a company’s financial structure to increase profitability, efficiency, or stability.
What is micromobility and micromobility solutions?
Micromobility refers to short and sustainable modes of transportation, such as electric scooters, electric bicycles, or scooters. Micromobility solutions are the services and infrastructure created to support the use of these transportation modes in improving urban mobility.
Source: Bird Global, Inc. (www.bird.co)
The source of the article is from the blog trebujena.net