Bird Global, Inc.: going-concern / distress — Bird Global files Chapter 11, secures $25.1M DIP financing, plans asset sale

Bird Global, Inc.

Filed Chapter 11 on Dec 20, 2023; equity holders likely face total loss.
DIP financing: $19.5M loan from first lien lenders (rolled up) and $5.6M notes from second lien lenders.
Restructuring Support Agreement provides for 363 sale of substantially all assets to NewCo entity for second lien lenders.
First lien obligations ~$41.4M principal + accrued; second lien obligations ~$63.85M principal + accrued.
DIP notes bear 18% interest, mature March 18, 2024.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.99

Bird Global, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Florida (petition 2023-12-20).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Florida
Petition: 2023-12-20

Exact text from the filing

On December 20, 2023 (the “Petition Date”), Bird Global, Inc. (“Bird” or the “Company”) and certain of its direct and indirect subsidiaries including Bird Rides, Inc., Bird Holdco, LLC, Bird Opco, LLC, and Skinny Labs, Inc. (dba Spin) (together with the Company, the “Debtors”) filed voluntary petitions to commence proceedings under chapter 11 (the “Chapter 11 Cases”) of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”).

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Source: SEC EDGAR

accession 0001861449-23-000222

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