Micro-mobility company Bird announced that the company has successfully emerged from Chapter 11 proceedings under a newly organized private parent company called Third Lane Mobility Inc. With a strengthened balance sheet, reduced operating expenses and right-sized capital structure, the transaction included the sale of Bird’s assets to Third Lane Mobility, which encompasses both the Bird and Spin Brands. Bird and Spin will continue to operate in and serve cities across the globe and are well positioned for long-term, sustainable growth as they maintain and expand operations across North America, Europe, the Middle East and Asia..
“Today’s announcement 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,” said Michael Washinushi, Co-CEO. “We look forward to both servicing and expanding our city partnerships as we deliver on the promise of micromobility by offering an alternative, eco-friendly mode of transportation to locals and tourists alike.”
This news comes just in time for Spring as Bird and Spin enter their busy season and communities get back outdoors. With nearly 90 markets reopening for the warmer weather, the company anticipates tens of millions of rides across its global footprint in the coming months. More than 200,000 vehicles will be available around the world, including Bird’s and Spin’s newest and most technologically advanced models which include swappable lithium-ion batteries, a front and rear braking system, and an anti-tip kickstand, among many other features.
Third Lane Mobility is the largest micromobility operator in North America through its subsidiaries Bird and Spin. Third Lane Mobility is an electric vehicle company dedicated to bringing affordable, environmentally friendly transportation solutions such as e-scooters and e-bikes to communities around the world. Bird and Spin’s cleaner, affordable, and on-demand mobility solutions are available in 350 cities, across Canada, the United States, Europe, and the Middle East. We take a collaborative, community-first approach to micromobility. Bird and Spin partner closely with the cities in which they operate to provide a reliable and affordable transportation option for people who live, work, and visit there.
Rachel Khan
