According to PR Newswire, Bird Global, Inc. has entered into a restructuring support agreement with first- and second-lien lenders, securing unanimous support. Key to this restructuring is a $25 million debtor-in-possession financing from MidCap Financial and existing second-lien lenders. This financing is critical for Bird to maintain its operational commitments during the restructuring phase.
Bird’s interim CEO, Michael Washinushi, emphasizes the company’s continued dedication to profitability and its mission to enhance urban livability through reduced car usage and emissions. The leadership, along with new board appointments, is steering Bird through this transformation.
The voluntary Chapter 11 bankruptcy filing in the Southern District of Florida is a strategic step to facilitate the sale of Bird’s assets. The company has already set a “stalking horse” bid with its lenders, establishing a minimum value for its assets. This process, expected to conclude within 90-120 days, is designed to maximize stakeholder value.