Bird Global files Chapter 11 liquidation plan, disclosure statement

By Sarah Lizee

Olympia, Wash., April 22 – Bird Global, Inc. filed a Chapter 11 plan of liquidation and disclosure statement on Friday with the U.S. Bankruptcy Court for the Southern District of Florida.

As a reminder, the company sold its assets to Bird Scooter Acquisition Corp., an entity of some of the existing lenders, for $76.6 million. The newly organized private parent company is called Third Lane Mobility Inc.

The plan provides for appointment of a liquidating trustee and a tort claims trustee.

Other priority claims will be paid in full.

Holders of $309,700 to $1 million in senior debtor-in-possession deficiency claims will receive a recovery of 31% to 49%.

Holders of $2.2 million of additional DIP funding claims will receive a pro rata share of proceeds of liquidation trust assets, if any.

Holders of $3.43 million of miscellaneous secured claims will receive a recovery of up to 2%.

Holders of $600.54 million of general unsecured claims are expected to receive a recovery of 1% or greater depending on the results of claims reconciliation and monetization of excluded assets.

Tort claimholders will receive a pro rata share of $10 million in insurance settlement proceeds.

Holders of $270.56 million of subordinated claims are expected to receive nothing under the plan.

Holders of equity interests will receive nothing.

Bird Global is an electric bike rental company with headquarters in Miami. The company filed bankruptcy on Dec. 20 under Chapter 11 case number 23-20514.

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