Bird files for bankruptcy. The electric scooter maker was once valued at $2.5 billion.

Electric scooter maker Bird Global filed for bankruptcy protection on Wednesday, a remarkable descent for a company once valued at $2.5 billion.

The Miami-based company filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Florida. Bird has a restructuring accord in place with creditors, which includes selling assets in bankruptcy, it said Wednesday in a statement. 

Apollo Global Management and second-lien lenders are providing $25 million in financing to help Bird continue to operate during its restructuring.