UNITED STATES NEWS

Electric scooter Bird Global steers into bankruptcy protection in bid to repair its finances

Dec 20, 2023, 6:00 PM

MIAMI (AP) — Electric scooter company Bird Global announced Wednesday that it has filed for bankruptcy protection in an attempt to stabilize its wobbly finances.

The move marks a sobering comedown for a formerly high-flying startup that was trying to make it easier to get around big cities in an environmentally friendly way with its fleet of electric scooters. The concept attracted attracted about $500 million in investments from prominent Silicon Valley venture capital firms such as Sequoia Capital and Accel Partners before becoming a publicly traded company in 2021.

Now, the Miami-based company finds itself struggling to survive after losing more than $430 million since the end of 2021.

Bird has lined up $25 million in financing from MidCap Financial, a division of Apollo Global Management, as it tries to reorganize under Chapter 11 bankruptcy protection in Florida.

Michael Washinushi, Bird’s interim CEO, predicted the company will be able to bounce back and continue its “mission to make cities more livable” by providing vehicles that don’t clog the roads nor burn fuel. But investors seemed doubtful as Bird’s stock lost nearly 80% of its remaining value Wednesday to close at 8 cents per share, far cry from its price of about $154 at the end of 2021.

United States News

Associated Press

Kansas governor and GOP leaders say they have a deal on tax cuts to end 2 years of stalemate

TOPEKA, Kan. (AP) — Kansas’ Democratic governor and top Republican lawmakers say they have an agreement on a package of broad tax cuts, potentially ending a two-year political standoff that has prevented their state from following others in making big reductions. The deal announced late Thursday by Gov. Laura Kelly and GOP leaders would save […]

1 hour ago

Associated Press

A week of disorder in Cleveland, as City Hall remains closed after cyber threat

CLEVELAND (AP) — Cleveland’s City Hall remained closed to the public Friday, as officials in Ohio’s second-largest city continued to grapple with the effects of a cyber threat. City operations have been hampered all week by the threat, which was first detected Sunday. The nature of the threat, its cause and how extensively it affected […]

1 hour ago

Associated Press

Move over grizzlies and wolves: Yellowstone visitors hope to catch a glimpse of rare white buffalo

YELLOWSTONE NATIONAL PARK, Wyo. (AP) — Standing at the edge of a bluff overlooking the Lamar River in Yellowstone National Park, TJ Ammond stared through binoculars at hundreds of buffalo dotting the verdant valley below. Tan-colored calves frolicked near their mothers while hulking bulls wallowed in mud. As his wife and young children clustered behind […]

2 hours ago

Associated Press

Her dying husband worried she’d have money troubles. Then she won the lottery

FREEPORT, Pa. (AP) — In the weeks before his death, Karen Coffman’s husband worried she might have money troubles after he was gone. But two weeks before he died in April of complications from a brain tumor, the Pennsylvania woman bought a scratch-off state lottery ticket that netted her $1 million. “When I told him […]

2 hours ago

Associated Press

Judge says trial is required to decide government’s antitrust case over Google’s advertising tech

ALEXANDRIA, Va. (AP) — A federal judge on Friday said the government’s antitrust case against Google over its advertising technology will go to trial in September, rejecting both sides’ request to rule in their favor as a matter of law. The Justice Department and Google had been expected to make their arguments seeking summary judgment […]

3 hours ago

Associated Press

Vermont governor vetoes data privacy bill, saying state would be most hostile to businesses

Vermont’s governor has vetoed a broad data privacy bill that would have been one of the strongest in the country to crack down on companies’ use of online personal data by letting consumers file civil lawsuits against companies that break certain privacy rules. Republican Gov. Phil Scott said in his veto message late Thursday that […]

3 hours ago

Sponsored Articles

...

Collins Comfort Masters

Here’s how to be worry-free when your A/C goes out in the middle of summer

PHOENIX -- As Arizona approaches another hot summer, Phoenix residents are likely to spend more time indoors.

...

Condor Airlines

Condor Airlines can get you smoothly from Phoenix to Frankfurt on new A330-900neo airplane

Adventure Awaits! And there's no better way to experience the vacation of your dreams than traveling with Condor Airlines.

...

DESERT INSTITUTE FOR SPINE CARE

Desert Institute for Spine Care is the place for weekend warriors to fix their back pain

Spring has sprung and nothing is better than March in Arizona. The temperatures are perfect and with the beautiful weather, Arizona has become a hotbed for hikers, runners, golfers, pickleball players and all types of weekend warriors.

Electric scooter Bird Global steers into bankruptcy protection in bid to repair its finances