Bird Global Inc., one of North America's largest scooter rental businesses, was sold to its debtholders in a bankruptcy-led process for approximately $145 million. 

Without a competitive offer, Bird was purchased by stalking horse bidder Third Lane Mobility, an entity formed by a consortium of the company’s first and second lien holders.

First lien holders were led by MidCap Financial, an affiliate of Apollo Global Management, while Obelysk Inc. led second lien holders.

After reaching a peak valuation of $2.5 billion in its Series D, the business was delisted in September 2023 and entered into Chapter 11 bankruptcy in December—prompted by debtors’ desire for a Section 363 sale.

Norton Rose Fulbright assisted Third Lane Mobility Inc. on the restructuring and acquisition of certain assets of Bird Global Inc., and the establishment of a new money facility.

Paul Steven Singerman, Jordi Guso, Clay B. Roberts and Robin J. Rubens of Berger Singerman LLP were counsel for the debtor. Harvey L. Tepner was the independent director for the debtor. James S. Feltman, Scott Lyman, Matthew Rosenberg and Marc Kirscher of Teneo Capital were restructuring advisors to Bird. 

Hugh Murtagh of Latham & Watkins LLP was counsel for the first lien holders and Paul J. Battista and Eric D. Jacobs of Venable LLP were counsel for the second lien holders and the stalking horse bidder.