Michael Birch tweeted that he is looking the "re-invent" the website, which he sold to AOL in 2008. AOL offloaded the site to Criterion Capital Partners (CCP) three years ago for a reported figure of less than $10m.
Mr Birch set up Bebo, which can be used to post post blogs, photographs, music, videos and questionnaires, with his wife Xochi in 2005. Three years later the couple reaped $595m after selling their 70pc stake in Bebo - which stands for "Blog Early, Blog Often" - to AOL.
However, Bebo struggled in the face of newer social networks such as Facebook and Twitter and in 2010 AOL announced it was planning to sell or shut down the site.
CCP stepped in, but Bebo filed for Chapter 11 voluntary bankruptcy protection just seven weeks ago."