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Teneo Capital serves as financial and restructuring advisor to Miami-based Bird Inc. as the once-high flying e-scooter rental company declared Chapter 11 on Dec. 20.
Bird, which operates in 350 cities in the US, Canada, Europe, Middle East and Australia, had a market valuation of $1B five years ago.
But it could not overcome cutthroat competition, regulatory requirements, winter weather, safety worries, and concerns about sidewalk litter of its un-docked scooters. Paris, which was one of Bird’s top markets, earlier this year banned rental e-scooters.
Bird interim CEO Michael Washinushi called the bankruptcy a “significant milestone in Bird’s transformation.”
The re-org will accelerate Bird’s progress toward profitability by right-sizing its capital structure, he added.
Washinushi said Bird will remain focused on “our mission to make cities more livable by using micromobility to reduce car usage, traffic and carbon emissions.”
Since its 2017 launch in Los Angeles, Bird riders have traveled over 300M miles globally, offsetting an estimated 90 pounds of carbon emissions from avoided car trips.
Despite that strong global citizenship, Bird suffered a $73.4M nine-month loss on $132.2M revenues.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
