In A Surprise Move, Proterra Files For Chapter 11 Bankruptcy Protection
In 2021, Proterra went public via a merger with a so-called special acquisition company , a move that allowed it to raise more than $640 million. The stock peaked at $26.38 at the time of the SPAC deal. This week, the company filed for Chapter 11 bankruptcy protection, which caused its stock price to fall below $1.00.
Gareth Joyce, the CEO of the company, said, “Proterra is at the forefront of the innovations that are driving commercial vehicle electrification. We know we’re building industry-leading products that our customers want and need. The foundation we have built has set the stage for decarbonization across the commercial vehicle industry as a whole, and we recognize the great potential in all of our product offerings to enable this important transformation.
“Debtors may ’emerge’ from a chapter 11 bankruptcy within a few months or within several years, depending on the size and complexity of the bankruptcy. The Bankruptcy Code accomplishes this objective through the use of a bankruptcy plan. The debtor in possession [Proterra, in this case] typically has the first opportunity to propose a plan during the period of exclusivity.
after the bankruptcy filing, “Proterra, to its credit, actually had very meaningful revenue,” but is facing the challenge of scaling up its operations to the point where it could become profitable, a stage Elon Musk described so eloquently as “production hell.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Electric bus maker Proterra files for Chapter 11 bankruptcy protectionElectric bus, van and truck maker Proterra has filed for Chapter 11 bankruptcy protection from a federal court in Delaware. The California-based company is a major supplier of buses to transit systems nationwide.
Read more »
Electric bus maker Proterra files for Chapter 11 bankruptcy protectionElectric bus, van and truck maker Proterra has filed for Chapter 11 bankruptcy protection from a federal court in Delaware. The Burlingame, California-based company is a major supplier of buses to transit systems nationwide.
Read more »
Proterra Files for Chapter 11 Bankruptcy, Stock PlummetsProterra, a major supplier of electric buses to transit systems, has announced its decision to seek Chapter 11 bankruptcy protection. The company plans to continue its operations and use existing capital to fund its activities, including paying employees, vendors, and suppliers.
Read more »
EV Bus And Parts Maker Proterra Files For Bankruptcy ProtectionProterra, a California-based company specializing in manufacturing all-electric buses and EV parts, including battery packs and charging stations, has filed for Chapter 11 bankruptcy protection. The company cited difficulties in efficiently scaling up production as the reason for the filing. Earlier this year, Proterra had announced plans to cut around 300 jobs as part of a restructuring effort.
Read more »
Silicon Valley electric vehicle tech maker Proterra files for bankruptcyProterra, a leading electric vehicle technology company based in Silicon Valley, has filed for bankruptcy. The company plans to either recapitalize its businesses or sell them off. Despite the financial challenges, Proterra will continue its operations using existing funds.
Read more »
Bay Area-based electric bus maker Proterra files for Chapter 11Electric bus and truck maker Proterra has filed for Chapter 11 bankruptcy protection from a federal court in Delaware. The Burlingame company is a major supplier of buses to transit systems across the nation.
Read more »