Background: Bird Global, Inc. (“Bird”), based in Miami, FL, is a micromobility company that engages in delivering and operating on-demand electric transportation solutions such as e-scooters and e-bikes for short distances to 350 cities across the world. In December 2023, Bird filed for Chapter 11 bankruptcy protection.
Cassel Salpeter:
Served as investment banker to the company
Conducted a global sales process, identifying and contacting a broad set of strategic and financial parties
Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and closing
Challenges:
In a niche industry facing challenging headwinds, only a handful of strategic parties had the financial resources to consider the opportunity
Filing Chapter 11 during the seasonal period of least demand, Bird faced cash flow issues to continue funding its operations
Due to the significant capital needed to avoid administrative insolvency, the sale process was completed on an expedited basis
Outcome: On March 6, 2024, the court approved the sale of Bird’s assets to a newly organized private company called Third Lane Mobility Inc., for approximately $145 million.
