E-scooter operator Bird files for bankruptcy
Electric scooter and e-bike operator Bird announced Wednesday it had filed for Chapter 11 bankruptcy, with the company adding it had enough liquidity at this time to meet financial obligations and continue operations as usual.
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AUSTIN (KXAN) — Electric scooter and e-bike operator Bird announced Wednesday it had filed for Chapter 11 bankruptcy, with the company adding it had enough liquidity at this time to meet financial obligations and continue operations as usual. However, company leaders said in the statement they want to use the proceedings to sell off assets within the next 90 to 120 days.
Officials said in the release the company is "making progress toward profitability and aim to accelerate that progress by right-sizing our capital structure through this restructuring." Officials added services will remain intact for its riders, partner cities, fleet managers and employees.
Bird operates in 350 cities across the U.S., Canada, Europe, the Middle East and Australia, per the release. Here in Austin, a spokesperson for the city's Transportation and Public Works Department told KXAN that up to 3,000 Bird e-scooters are authorized to operate here but added that might not be the current number of e-scooters in town.
"Bird looks forward to continuing to serve the city and residents of Austin," a company spokesperson said in an email to KXAN.