28 • February 2024 • Powersports Business

Bird Global , Inc ., an environmentally friendly electric transportation company , has announced its entry into a financial restructuring process aimed at strengthening its balance sheet and better positioning the company for long-term , sustainable growth . Bird says it will operate as usual during this process , maintaining the same service for its riders and upholding its commitments to partner cities , fleet managers and employees .

“ This announcement represents a significant milestone in Bird ’ s transformation , which began with the appointment of new leadership early this year ,” says Michael Washinushi , interim CEO of Bird . “ We are making progress toward profitability and aim to accelerate that progress by rightsizing our capital structure through this restructuring . We remain focused on our mission to make cities more livable by using micromobility to reduce car usage , traffic and carbon emissions .”

During and after the restructuring process , Washinushi will continue as interim CEO , supported by Board Chair John Bitove , President Stewart Lyons and CFO Joseph Prodan . Last week , Harvey L . Tepner joined the board of directors as an independent director , and Philip Evershed resigned from the board of directors .

The company ’ s first- and second-lien lenders have also entered into a comprehensive restructuring support agreement ( RSA ).

Bird riders have traveled over 300 million miles globally , offsetting an estimated 90 million pounds of carbon emissions from avoided car trips . Photo courtesy of Bird

To implement the RSA and access $ 25 million in new debtor-in-possession financing from MidCap Financial , a division of Apollo Global Management , and the company ’ s existing second-lien lenders , Bird has commenced a voluntary Chapter 11 bankruptcy proceeding in the U . S . Bankruptcy Court for the Southern District of Florida . The company will use the court-supervised process to facilitate the sale of its assets and has entered into a “ stalking horse ” agreement with the company ’ s existing lenders , which effectively sets a floor for Bird ’ s value . The bid is subject to higher and better offers and is aimed at maximizing value for all stakeholders . Bird expects to complete the sale process in the next 90−120 days .

Bird Canada and Bird Europe ( doing business as “ Bird Rides Europe B . V .”) are not part of the filing and also continue to operate as normal . Since its inception , Bird riders have traveled over 300 million miles globally , offsetting an estimated 90 million pounds of carbon emissions from avoided car trips and playing a pivotal role in hundreds of cities ’ sustainability goals while making alternative transportation convenient , efficient and fun .

Bird has filed with the Court a series of customary “ First Day Motions ” to facilitate a smooth transition into bankruptcy . These filings provide for payment of wages and benefits to employees and make other provisions to enable Bird to continue operating as usual . Bird expects the court to approve these requests in short order , which are expected to minimize the impact of the restructuring process on its city partners , riders , employees and other key stakeholders .

Additional information related to the proceedings is available on the Equip website . Stakeholders with questions may contact the company ’ s Claims Agent , Epiq , at bird @ epiqglobal . com .

BergerSingerman LLP is serving as legal counsel , Cassel Salpeter & Co . is serving as investment banker , Teneo Capital LLC is serving as financial and restructuring advisor and Epiq Corporate Restructuring , LLC is serving as claims and noticing agent to the company .

Verge Motorcycles upgraded its flagship model , the Verge TS Ultra , with many cameras and radars that use artificial intelligence and machine learning .

The electric superbike now has six cameras and high-resolution front and rear radars . The upgraded Verge TS Ultra replaces the previous version , and customers who have already placed an order will automatically receive their bike with these new features , according to the company .

SOFTWARE UPDATES In November , the company unveiled its Starmatter software and intelligence platform with four different elements : automatic over-the-air updates ( OTA ), sensor technology , artificial intelligence , and a Human- Machine-Interface ( HMI ).

This package has now been completed with the advanced machine vision , Starmatter Vision . With new functionalities , Verge claims to be the first motorcycle manufacturer in the world to bring these advanced safety features to the industry . Besides the standard features , such as traction control and ABS braking , Verge ’ s bikes have a low center of gravity , which enhances the control of the bike for a safer ride .

“ The TS Ultra ’ s new cameras combined with the software update make it the world ’ s first motorcycle equipped with the sense of sight , advising the rider and acting as a ‘ whisperer ’ while riding ,” Verge CTO Marko Lehtimäki explains .

With new Starmatter Vision functionalities , Verge claims to be the first motorcycle manufacturer to bring such advanced safety features to the industry .

Autonomous driving has been a feature in the automotive industry for several years , but in motorcycling , it is not as easily achievable . Riding a two-wheeler also comes with various restrictions and practical challenges that can cause safety risks . In addition , the helmet reduces visibility and dampens the sounds of the surrounding traffic .

Verge believes that the solution can be found in technology and wants to promote riding comfort and safety by utilizing new innovations . With the updated hardware and software , the bike can analyze and notify the rider of a vehicle approaching from behind or if it changes lanes .

DISPLAY TECHNOLOGY The Verge TS Ultra now also features updated displays . The new Starmatter Dash display and user interface change the way the rider interacts with the bike . The new dash makes managing essential functions easier and more intuitive . The dash informs and warns of potential hazards , and it displays the image from the rear-view camera when the rider uses the turn signal .

“[ The ] Starmatter Dash provides a visual and intuitive interface , which gives the rider a clear , real-time view of the bike ’ s features and status at a glance ,” says Mark Laukkanen , vice president of user experience at Verge Motorcycles .

The electric superbike now has six cameras and high-resolution front and rear radars . Photos courtesy of Verge Motorcycles