Bird, a shared scooter service in the United States, filed for Chapter 11 Bankruptcy. Bird was founded by Travis VanderZanden, a former Uber executive. The company is currently going through bad times.
Scooter company Bird files for Chapter 11 bankruptcy
Florida-based Bird listed assets and liabilities between $100 million and $500 million in a court filing. The filing protects the company from creditors. It also seeks court approval for a plan to repay debts.
Founded in 2017, Bird is the ancestor of many shared scooter companies. The company even became one of the fastest startups, reaching a valuation of $ 1 billion very quickly. Of course, things didn’t always go well. Bird’s shares have seen significant declines this year. In September, the NYSE began delisting transactions. In 30 consecutive trading days, the company’s average market capitalization fell below $15 million. At the time of writing, Bird stock is trading at $ 0.42.
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Chapter 11 Bankruptcy Filing is known as reorganization bankruptcy in the United States. A debtor files for this form of bankruptcy when they want to reorganize their business affairs, debts and assets.
If a company files for Chapter 11 Bankruptcy, the court helps the business with its debts and liabilities and supports its reorganization. In the process, the company remains open and operational.
If we look at the past, we can see that many companies have actually filed for Chapter 11 and moved on. For example, General Motors. Likewise, United Airlines has also returned from bankruptcy in a similar way.
