The US Bankruptcy Court gave an order to Bird Global, Inc. to obtain DIP financing on a final basis on February 8, 2024. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $63.86 million from DIP lenders with MidCap Financial Trust (for senior DIP loan) and U.S. Bank Trust Company, NA (for junior DIP loans) acting as the administrative agent. The total DIP $63.86 million is comprised of new money loan of $19.50 million and $44.36 million of additional roll up commitments.

The DIP loan would either carry an interest rate of senior DIP loans of 6% cash pay and 9% PIK, and new money DIP notes of 18% PIK, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a agent fee of $0.08 million and upfront fee in an amount equal to 3% p.a. The DIP facility would mature either on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.30 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor?s collateral.