Micromobility group Bird Global has begun a voluntary Chapter 11 bankruptcy proceeding in the US Bankruptcy Court for the Southern District of Florida.
Part of a restructuring support agreement in which it aims to access $25 million in financing, the company expects to sell its assets "in the next 90-120 days".
Bird insists it has "sufficient liquidity to meet financial obligations to city partners, vendors, suppliers and employees during and after the restructuring process, and will operate as usual".
Bird Canada and Bird Europe are not part of the filing and "also continue to operate as normal", the company says.
In a statement, Bird interim CEO Michael Washinushi says: "This announcement represents a significant milestone in Bird's transformation, which began with the appointment of new leadership early this year."
"We are making progress toward profitability and aim to accelerate that progress by right-sizing our capital structure through this restructuring," he adds.
Bird's founder Travis VanderZanden left in June, and the firm was de-listed from the New York Stock Exchange in September.
