Bird Global, Inc., Bird Rides, Inc., Bird US Opco, LLC and Skinny Labs, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on December 29, 2023. The debtor seeks the Court?s approval for the sale of substantially all its assets to Bird Scooter Acquisition Corp, the stalking horse bidder, for a consideration consisting of credit bid in the amount of not less than $76.60 million of the aggregate outstanding amount owed under and pursuant to the Pre-Petition Subordinated Debt and the Subordinated DIP Loan as of December 19, 2023, plus assumed liabilities plus $0.50 million in cash pursuant to the asset purchase agreement, dated December 22, 2023. To qualify as a qualified bidder, interested parties should submit their bids by February 26, 2024, along with good-faith deposit in the amount of 10% of the bid price.

The initial minimum overbid should be at least $0.5 million more than the initial purchase price. The debtor has scheduled an auction on February 28, 2024. At the auction, the subsequent bids would be in increments of $0.5 million.

The stalking horse bidder would be entitled to an expense reimbursement of $0.18 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for March 6, 2024. Paul J. Battista of Venable LLP acted as legal advisor to the buyer.