Scooter company Bird files for Chapter 11 bankruptcy

Details: Apollo Global (via MidCap Financial) and Bird's second-lien lenders are providing the company with $25 million in capital through the bankruptcy process.

• The company has agreed to sell Bird's assets to its lenders. The so-called stalking horse deal sets a floor on the price of the assets, and allows Bird to entertain other offers.
• Bird said in a press release that it expects to complete the sale in the next 90-120 days.
• The company's Canadian and European businesses aren't part of the bankruptcy. Bird says it will continue to operate as usual during the court supervised bankruptcy process.

Flashback: Bird went public in Nov. 2021 by merging with Switchback II, a SPAC, at a $2.3 billion valuation. Prior to listing, it acquired fellow scooter company Spin for $19 million.

• In September, the New York Stock Exchange began its delisting process for Bird after its average market cap fell below $15 million for more than 30 consecutive days.

The bottom line: The pandemic era's boom times are truly over.