Bird Global, Inc. (OTCPK:BRDS.Q) could auction parts of its business as a means of paying off its debt next year. An auction to sell off the Miami-based company's (NYSE: BRDS) assets is scheduled for March 4 if needed,
according to the Chapter 11 restructuring agreement the company attached to a SEC disclosure on Dec. 27. As of now, the corporation's creditors have agreed to acquire the company in about 90 days. In addition, a sale hearing is tentatively scheduled for March 11 while a "closing" is slated for March 18. The corporation filed for Chapter 11 bankruptcy protection on Dec. 20 in the U.S. District Court for the Southern District of Florida. Its bankruptcy petition stated that the corporation has between $100 million and $500 million in both assets and liabilities. On Dec. 27, the court authorized a $25.1 million restructuring support agreement and granted an emergency request allowing Bird Global to retain New York-based Epiq Corporate Restructuring, LLC as the company's notice, claims, and solicitation agent. According to the restructuring agreement, first tier and second tier lenders are now "debtor-in-possession lenders" after they gave Bird Global another $25 million "in order to fund the Chapter 11 cases and the restructuring." The first tier lender is New York-based Apollo Global Management subsidiary MidCap Financial, which is already owed about $41.36 million plus $2.83 million in interest, court documents stated, and the second tier lender is Philadelphia-based U.S. Bank Trust Company, National Association, which is owed $63.85 million in principal plus $7.18 million in interest.