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.