Bird Global: SPAC Scooter Operator Ends in Liquidating Plan

Bird Global, an electric scooter and e-bike sharing company, filed chapter 11 petitions on December 20, 2023, in the U.S. Bankruptcy Court for the Southern District of Florida. The filing came roughly two years after Bird went public through a SPAC merger that raised $414 million and at a point when ride volumes had fallen 36% year-over-year. Bird entered court with a restructuring support agreement backed by its first- and second-lien lenders, $25 million in debtor-in-possession financing, and a stalking-horse credit bid designed to move the company's assets to a new acquisition vehicle. The court confirmed a liquidating plan on August 2, 2024, and the plan went effective on September 17, 2024.

Debtor(s)	Bird Global, Inc. (5 jointly administered debtors)
Court	U.S. Bankruptcy Court, Southern District of Florida (Miami Division)
Case Number	23-20514
Petition Date	December 20, 2023
Judge	Hon. Corali Lopez-Castro
Confirmation Date	August 2, 2024
Effective Date	September 17, 2024
DIP Facility	~$25 million total: up to $19.5 million senior DIP from MidCap Financial (Apollo Global Management) plus ~$5.6 million junior DIP notes from second-lien lenders

SPAC Debut, NYSE Delisting, and Operating Decline

Bird was founded in 2017 by Travis VanderZanden, a former executive at Uber and Lyft. The company built an on-demand micromobility platform centered on e-scooter and e-bike sharing, operating in roughly 350 cities across the United States, Canada, Europe, the Middle East, and Australia. Bird also operated a white-label platform business that allowed partner organizations to purchase vehicles and run local fleets using Bird software. Bird went public in 2021 through a SPAC transaction that raised $414 million. At its peak, the company carried a valuation above $1 billion.

Bird reported a 36% decline in rides for the nine months ended November 30, 2023, along with a $31 million drop in sharing revenue — roughly 20% — for the nine months ended September 30, 2023, compared with the prior-year period. The company had exited its direct retail sales business in May 2022 to concentrate on sharing operations. Bird was delisted from the New York Stock Exchange in September 2023 after its market value fell below $15 million for 30 consecutive trading days. VanderZanden left the company in June 2023 after resigning as board chairperson. Tightening city regulations, including bans in cities such as Barcelona, Philadelphia, and Toronto, further constrained the operating model.

By the petition date, Bird maintained a remote-first model from Miami with roughly 571 employees, including 459 in the United States, and relied on about 300 third-party fleet managers alongside in-house operations. The workforce obligations motion filed on the petition date disclosed that approximately 426 of those employees were active at filing, split between about 350 full-time and 76 part-time workers. Roughly 130 employees were employed by Bird Rides, Inc. and approximately 296 by Skinny Labs, Inc., a subsidiary Bird acquired through the Spin scooter-sharing platform. The motion stated that the debtors spent an average of approximately $5.1 million per month on compensation obligations in the twelve months before the petition date and owed approximately $544,356 in accrued but unpaid wages as of filing. Effective January 1, 2024, all Skinny Labs employees were scheduled to transition to Bird Rides, Inc. as part of post-acquisition integration efforts. The court entered an order on December 22, 2023, authorizing payment of prepetition workforce obligations and continuation of employee benefit programs.

Prepetition Capital Structure and Liquidity

The First Day Declaration filed by Christopher Rankin described the prepetition capital structure secured by substantially all assets. Bird reported approximately $41.5 million outstanding under the first-lien credit facility, including a $2 million bridge loan extended in November 2023. The company also carried roughly $71 million outstanding under second-lien notes, comprising approximately $63.8 million in principal, $3.6 million of payment-in-kind interest, and $3.6 million of accrued interest. Bird also disclosed a vendor take-back note issued in connection with the Spin acquisition; the declaration noted that the note balance was subject to working-capital adjustment and showed a negative $2.2 million balance as of the petition date.

Management said the company had repeatedly amended its debt stack during 2023 to conserve cash and extend maturities. The DIP and cash collateral motion stated that Bird could not generate enough operating cash flow to cover ongoing costs and chapter 11 expenses without immediate access to financing. The motion specified that the financing and cash-collateral use were needed to fund payroll, supplier payments, and ongoing operations while the company pursued a sale process.

The 20 largest unsecured creditors list included Amazon Web Services at $4.8 million, CA-Colorado Center at $3.0 million, Stradling Yocca at $1.6 million, Zoba at $1.6 million, and Ninebot at $1.05 million.

MidCap DIP Facility and Cash Collateral

The DIP and cash collateral motion sought authority for up to $19.5 million in new-money DIP financing from MidCap Financial, with up to $11.5 million available on an interim basis under the senior DIP facility. A separate junior DIP notes facility provided up to $5.6 million from participating second-lien lenders. The total DIP package, including both facilities, reached roughly $25 million.

The motion also proposed a final-order roll-up of prepetition debt into DIP obligations, covering approximately $41.46 million of first-lien loans plus interest and $4 million of second-lien notes. For adequate protection, the debtors proposed replacement liens, junior section 507(b) superpriority claims, and monthly cash interest payments to first-lien lenders equal to postpetition accrued interest on the prepetition first-lien obligations. The DIP budget was designed to bridge operations long enough to complete a structured sale process and transition assets to the stalking-horse purchaser.

Stalking-Horse Credit Bid and 363 Sale

The debtors moved to a section 363 sale. The sale procedures motion identified Bird Scooter Acquisition Corp. as the stalking-horse purchaser. The purchase consideration consisted of a credit bid of at least $76.6 million on account of prepetition subordinated debt and the subordinated DIP loan, assumption of specified liabilities including senior debt obligations, and $500,000 of wind-down funding.

The sale order entered on March 8, 2024, approved the transfer of substantially all assets to Bird Scooter Acquisition Corp. No competing qualified bids were received, so the stalking horse became the successful bidder and the scheduled auction was cancelled. The order also approved assumption and assignment procedures for designated executory contracts and leases. Bird had initially projected completing the sale process within 90 to 120 days of filing. Cassel Salpeter & Co. served as investment banker and facilitated the sale, which transferred the assets to Third Lane Mobility, the entity behind the acquisition vehicle.

Liquidating Plan and Tort Claims Trust

Bird pursued a liquidating chapter 11 plan rather than a go-forward reorganization. The confirmation hearing spanned June 10, June 12, and July 29, 2024. The confirmation order approved a joint chapter 11 plan of liquidation along with insurance settlements, a bar order, and a channeling injunction.

The second amended plan created two separate post-effective-date vehicles: a Liquidating Trust to administer general estate assets and a Tort Claims Trust to administer tort-claim distributions. The plan set the claims-objection bar date as the first business day 180 calendar days after the effective date, subject to extension. Christopher Rankin's confirmation declaration stated that the tort trust funding package totaled approximately $19.2 million, sourced from $11 million by underwriters, $3 million by several municipalities, $2.2 million by Great American, $2 million by the purchaser, and roughly $1 million by Lexington. Rankin said the bar order and channeling injunction were integral to obtaining those settlement contributions.

The tort-claim settlement architecture generated significant post-confirmation litigation. Bloomberg Law reported that Bird argued the Supreme Court's Purdue Pharma decision did not apply to its bar order, and a Florida bankruptcy court analysis agreed that the Purdue prohibition on nonconsensual third-party releases did not extend to section 363 sale injunctions or settlement-based bar orders of the kind confirmed here. Tort claimants appealed to the U.S. District Court for the Southern District of Florida in Wright v. Bird Global, Inc., but the district court dismissed the appeal in June 2025, holding it both equitably and statutorily moot because the plan had been substantially consummated and modifying the channeling injunction would disrupt settled expectations and harm third parties who relied on the confirmation order.

The effective date notice confirmed the plan became effective on September 17, 2024, and that the official committee of unsecured creditors dissolved on that date.

Professional Retentions and Fee Applications

BergerSingerman LLP served as counsel to the debtors in possession. The retention application described BergerSingerman's scope of services as including chapter 11 case administration, motion practice, court appearances, creditor negotiations, and plan work. Cassel Salpeter & Co. served as investment banker, with the court approving the retention on January 26, 2024. Teneo Capital LLC and Teneo Strategy LLC served as financial advisor and communications and corporate strategy advisor, respectively, supporting liquidity analysis, DIP budgeting, stakeholder negotiations, restructuring strategy, and sale planning. Epiq Corporate Restructuring, LLC served as claims and noticing agent.

The official committee of unsecured creditors retained Fox Rothschild LLP as committee counsel and Berkeley Research Group, LLC as the committee's financial advisor. The committee conducted Rule 2004 examinations of the debtors, MidCap Financial, and the second-lien lenders during January and February 2024.

BergerSingerman's first and final fee application covered December 20, 2023 through May 15, 2024 and requested $2,005,457 in fees plus $55,489 in expenses. The application referenced a funded reserve account under the final DIP order holding $2,329,367 for professional persons as of May 31, 2024, with $722,694 allocated to BergerSingerman under the approved budget and global settlement term sheet.

Michael Washinushi continued as interim CEO through the filing, supported by Board Chair John Bitove, President Stewart Lyons, and CFO Joseph Prodan.

Post-Effective Claims Administration

The case remains in post-confirmation administration. Joseph J. Luzinski of Development Specialists, Inc. serves as Liquidating Trustee, and Robert M. Fishman serves as Tort Claims Trustee. In February 2026, the Liquidating Trustee obtained a third extension of the claims-objection deadline through September 17, 2026, to allow the trustee, the purchaser, and the tort claims trustee to continue analyzing claims, objecting where appropriate, and negotiating resolutions.

The post-confirmation report for the quarter ending December 31, 2025, filed by the Liquidating Trustee on January 20, 2026, reported total cash disbursements of $2,919,084 since the effective date. The report disclosed zero distributions to holders of administrative claims, secured claims, priority claims, general unsecured claims, or equity interests as of that date.

The Tort Claims Trustee's February 2026 status report detailed significant progress in resolving scooter-related tort claims under the court-approved alternative dispute resolution procedures. Of 221 total asserted tort claims, 101 had been resolved, 47 were resolved in principle pending execution of release agreements, 23 had been disallowed for failure to comply with ADR procedures, and 5 had been withdrawn or reclassified. That left 45 unresolved tort claims, with 8 in the offer-exchange stage and 37 in informal resolution negotiations. The status report noted that no distributions had yet been made to holders of allowed tort claims while the trustee reserved sufficient funds to ensure fair treatment across all claims, but the trustee indicated that an interim distribution to holders of resolved claims was being evaluated for the coming months.

Since the effective date, the Tort Claims Trustee has addressed eleven motions to allow late-filed claims and a significant volume of related inquiries. The trustee obtained four court orders disallowing twenty-three claimants' claims for failure to comply with ADR procedures and a separate order disallowing six untimely claims.

The Liquidating Trustee also pursued investigation of the debtors' prepetition auditor. In December 2025, the Liquidating Trustee filed a motion to compel Ernst & Young LLP to submit documents withheld on the basis of purported privileges for in camera review, though the motion was subsequently withdrawn after Ernst & Young appeared in the case and filed a motion for protective order.

Multiple municipalities filed adversary proceedings to enforce the channeling injunction against attorneys who had brought or continued state-court scooter-injury lawsuits in apparent violation of the bar order. The City of Los Angeles filed a complaint seeking injunctive and declaratory relief, with trial set for May 2026. The City of Long Beach filed a parallel action, also scheduled for trial in May 2026. The City of San Diego filed an expedited motion for preliminary injunction in a separate adversary proceeding, which proceeded through hearing and ultimately resolved in dismissal in December 2025 after a state-court resolution.

Key Timeline

Date	Event
December 20, 2023	Bird Global and affiliates filed chapter 11 petitions
December 20, 2023	RSA with first- and second-lien lenders announced; DIP motion filed
January 2024	Official committee of unsecured creditors formed; committee retained Fox Rothschild and Berkeley Research Group
March 8, 2024	Sale order entered; auction cancelled after no competing bids
June 3, 2024	Second amended liquidation plan and disclosure statement filed
August 2, 2024	Confirmation order entered
September 17, 2024	Plan effective date; creditors' committee dissolved
October 1, 2024	Court approved tort claims protocol and ADR procedures
June 11, 2025	District court dismissed Wright v. Bird Global appeal as moot
January 20, 2026	Post-confirmation report filed for quarter ending December 31, 2025
February 2026	Third extension of claims-objection deadline through September 17, 2026
February 10, 2026	Tort Claims Trustee status report: 101 of 221 tort claims resolved, 45 unresolved

Frequently Asked Questions

What happened to Bird Global?

Bird Global filed chapter 11 on December 20, 2023, after sustained revenue declines, NYSE delisting, and an inability to cover operating costs from cash flow. The company sold substantially all assets to Bird Scooter Acquisition Corp. through a credit-bid transaction. The court confirmed a liquidating plan on August 2, 2024, and the plan went effective on September 17, 2024.

Who is the claims agent for Bird Global?

Epiq Corporate Restructuring, LLC serves as the claims and noticing agent. The firm maintains the official claims register and distributes case notifications to creditors and parties in interest.

What was Bird's DIP financing?

Bird secured roughly $25 million in total DIP financing. MidCap Financial, a division of Apollo Global Management, provided up to $19.5 million under the senior DIP facility, while participating second-lien lenders provided up to $5.6 million under a junior DIP notes facility.

What is the Bird Tort Claims Trust?

The confirmed liquidating plan established a separate Tort Claims Trust funded with approximately $19.2 million from underwriters, municipalities, insurance carriers, and the asset purchaser. The trust administers tort-claim distributions under a bar order and channeling injunction. As of February 2026, the Tort Claims Trustee reported that 101 of 221 asserted tort claims had been resolved, with an interim distribution to claimants being evaluated.

What are the Bird Global adversary proceedings?

After the plan became effective, multiple municipalities — including Los Angeles, Long Beach, and San Diego — filed adversary proceedings in the bankruptcy court to enforce the channeling injunction against attorneys who continued to prosecute scooter-injury lawsuits in state courts in alleged violation of the bar order. The Los Angeles and Long Beach actions are scheduled for trial in May 2026.

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