ReBirth completed a majority-stake recapitalisation of Cowboy, converting legacy obligations into equity and supplying a combined €15 million to clean up the balance sheet and restart production, after earlier reports that ReBirth would acquire the Brussels e-bike maker.The restructuring includes a full lender-led refinancing, production slated to deliver more than 1,500 bikes in January, an expanded recall across Europe and the United Kingdom, and the departure of founder Adrien Roose as Cowboy keeps its design and software teams in Brussels under ReBirth’s industrial and retail network.