Insolvent bike-sharer Obike abandons bicycles throughout Europe

Bike-sharing company Obike has filed for bankruptcy in its home base of Singapore. The result: Thousands of stranded silver-and-yellow bikes, many of them broken, clogging sidewalks in cities world-wide.

Going bankrupt

Obike has registered for insolvency in Singapore, but according to a statement made by the company in June, this would have no effect on its business in other countries.

German clients of the bike-sharing company are required to pay a "refundable" €79 ($92) deposit, according to Obike's website. A speaker for Germany's consumer protection agency, VZBV, said on Tuesday that the bureau was unaware of consumer complaints against Obike at present. Nevertheless, other German and European cities have been reporting problems.