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Bird Global, Inc. - BRDS STOCK NEWS

Welcome to our dedicated page for Bird Global news (Ticker: BRDS), a resource for investors and traders seeking the latest updates and insights on Bird Global stock.

Bird Global, Inc. (OTCQX: BRDS) is a leading company in the field of environmentally friendly electric transportation. Known for its reliable last-mile transportation solutions, Bird offers e-scooters and e-bikes to communities worldwide, promoting a greener and more efficient way to travel. The company's mission is to make cities more livable by reducing car usage, traffic, and carbon emissions.

As part of its ongoing commitment to sustainability, Bird has facilitated over 300 million miles of travel, offsetting an estimated 90 million pounds of carbon emissions globally. The company operates in 350 cities across Canada, the United States, Europe, the Middle East, and Australia, making it the largest micromobility operator in North America.

Recently, Bird announced a financial restructuring process to strengthen its balance sheet and better position the company for long-term growth. Despite the restructuring, Bird continues to maintain its service standards for riders and uphold commitments to partner cities, fleet managers, and employees. The company aims to right-size its capital structure, supported by new and existing lenders, including MidCap Financial and Apollo Global Management.

Bird's leadership team, led by Interim CEO Michael Washinushi, is focused on achieving profitability and enhancing operational efficiency. The restructuring process includes a voluntary Chapter 11 bankruptcy proceeding, aimed at facilitating the sale of the company's assets to maximize value for all stakeholders. The court-supervised process is expected to be completed in the next 90-120 days, with minimal impact on operations in Bird Canada and Bird Europe.

Bird has filed a series of motions to ensure a smooth transition into bankruptcy, including provisions for employee wages and benefits. Legal counsel is provided by Berger Singerman LLP, with financial and restructuring advice from Teneo Capital LLC. Additional details about the proceedings are available on the company's claims agent's website.

Bird's innovative and community-first approach to micromobility has earned it a pivotal role in the sustainability goals of numerous cities. By providing affordable and convenient transportation options, Bird continues to make a significant impact in reducing urban congestion and promoting environmental stewardship.

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FAQ

What does Bird Global, Inc. do?

Bird Global, Inc. offers environmentally friendly electric transportation solutions such as e-scooters and e-bikes to communities worldwide.

What is the current financial condition of Bird Global, Inc.?

Bird is undergoing a financial restructuring process to strengthen its balance sheet and position the company for long-term growth.

Will Bird continue its operations during the restructuring?

Yes, Bird will maintain its normal service for riders and uphold its commitments to partner cities, fleet managers, and employees during the restructuring.

What is the impact of Bird's services on the environment?

Bird has offset an estimated 90 million pounds of carbon emissions, promoting sustainability by reducing car usage and traffic in urban areas.

Where does Bird operate?

Bird operates in over 350 cities across Canada, the United States, Europe, the Middle East, and Australia.

Who is leading Bird during the restructuring?

Interim CEO Michael Washinushi is leading Bird during the restructuring, supported by the Board Chair, President, and CFO.

What is the purpose of Bird's Chapter 11 bankruptcy proceeding?

The Chapter 11 proceeding aims to facilitate the sale of Bird's assets to maximize value for all stakeholders and restructure the company's finances.

How can stakeholders get more information about the restructuring process?

Additional information is available on the company's claims agent's website or by contacting Bird's Claims Agent, Epiq.

What are Bird's plans for future growth?

Bird is focused on achieving profitability and enhancing operational efficiency through its restructuring process and strategic partnerships.

How can I contact Bird for media or investor inquiries?

For media inquiries, contact press@bird.co, and for investor inquiries, contact investor@bird.co.

Bird Global, Inc.

NYSE:BRDS

BRDS Rankings

BRDS Stock Data

1.34M
10.99M
10.25%
11.08%
8.08%
General Freight Trucking, Local
Transportation and Warehousing
Link
United States
Miami