The electric scooter provider Bird wants to restructure itself in US insolvency proceedings. The company said operations will continue unchanged. New financing of $25 million was agreed with donors. In addition, the US group Bird Global applied for proceedings under Chapter 11 of the US bankruptcy law, which offers protection from creditors’ claims. The European company Bird Europe and the business in Canada However, they are not part of the process.
Bird was married in 2017 by Travis Van der Zanden (44), a former manager of the ride-hailing company Above, was founded. The company pioneered the business idea of bringing rental scooters to major cities and was quickly valued at more than a billion dollars. However, interest in e-scooters as a means of transport waned. At the same time, there was also criticism that the vehicles took up too much space on sidewalks. Paris then banned free-standing scooters in September.
Against this background, Bird shares had been on the decline for some time. The New York Stock Exchange began the process to delist Bird in September after Bird’s average market value was less than $15 million for more than 30 consecutive days.