Bird has confirmed that operations will continue as normal during this period, ensuring uninterrupted service for riders and maintaining commitments to cities, fleet managers, and employees.

In late 2021, the company made its public debut through a SPAC merger. However, faced with a saturated market and dubious economic foundations, its stock consistently plummeted. The market capitalisation fell dramatically, from over $2 billion at its introduction on the New York Stock Exchange to just $70 million only a year later. This significant drop prompted the NYSE to issue a warning regarding the excessively low share price of Bird.

Bird's Interim CEO, Michael Washinushi, remarked, "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. We remain focused on our mission to make cities more livable by using micromobility to reduce car usage, traffic, and carbon emissions."

Michael Washinushi will maintain his role as Interim CEO throughout and after the restructuring, with support from Board Chair John Bitove, President Stewart Lyons, and CFO Joseph Prodan. Recently, Harvey L. Tepner joined the Board of Directors as an Independent Director, while Philip Evershed stepped down from the Board.

The company's lenders have agreed to a comprehensive restructuring support agreement (RSA). To enact the RSA and secure $25 million in new debtor-in-possession financing from MidCap Financial and existing lenders, Bird has initiated a voluntary Chapter 11 bankruptcy proceeding in Florida. This process will oversee a sale of assets, with a "stalking horse" agreement from current lenders setting a minimum bid. Bird aims to complete this sale within the next 90-120 days, seeking to maximise value for all stakeholders.

Bird Canada and Bird Europe are not part of the bankruptcy filing and will continue to operate normally. Bird's global impact includes over 300 million miles travelled by riders, reducing an estimated 90 million pounds of carbon emissions.

Bird has filed "First Day Motions" with the Court to ensure a smooth transition into bankruptcy, covering wages and benefits for employees and other operational provisions. These measures, expected to be swiftly approved by the Court, aim to minimise the impact of the restructuring on partners, riders, employees, and other key stakeholders.