Shared micromobility operator Bird announced Friday that it has reorganized after filing for Chapter 11 bankruptcy in December. Both Bird and Spin, which Bird acquired in September, will now operate under a new private parent company named Third Lane Mobility, according to a news release.
Both Bird and Spin say they plan to continue and expand operations. Bird noted in its news release that over the last three months, the companies have won multiple new bids and launched services in several locations, including Corpus Christi, Texas; Greensboro, North Carolina; the University of Illinois; Surrey and Mississauga, Ontario; and Naples and Torino, Italy.
“We are deeply committed to operating Bird and Spin for the long-term and thank our city partners for maintaining trust during this process,” said Bird co-CEO Stewart Lyons in a statement. Together, Bird and Spin constitute the largest micromobility operator in North America, according to a news release.
Bird was founded in 2017 and went public in 2021. Bird co-CEO Michael Washinushi said in a statement that the reorganization “marks the beginning of a new chapter for us as we embark on our next step as a private company. We are a substantially stronger business financially with many opportunities ahead that position us for long-term growth around the world.”
Delisted from the New York Stock Exchange in September after its stock value plunged, Bird had a rocky 2023. However, the company said in its press release that it now has a strengthened balance sheet and significantly reduced operating expenses.
In its news release, Bird also highlighted the newest technology available in its vehicles, including swappable lithium-ion batteries, a front and rear braking system and “anti-tip” kickstands.
