E-scooter company Bird has filed for Chapter 11 bankruptcy after laying off a quarter of its staff last year. Existing lenders will purchase the company’s assets and a $25 million loan from Apollo Global Management will help keep the company afloat. The company will continue to operate as usual, with no impact on Bird Canada or Bird Europe. Bird aims to sell its assets through an auction process. The company went public in 2021 with a $2.3 billion valuation but struggled, leading to the delisting from the New York Stock Exchange. Bird faced challenges during the pandemic and increasing hostility from cities towards e-scooter rentals.
Bird’s Troubles Soar as Company Declares Bankruptcy Following 2021 IPO
