Proterra gets extension on cash collateral use; committee appointed

By Sarah Lizee

Olympia, Wash., Aug. 24 – Proterra Inc. received further interim approval to access cash collateral, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s first-lien credit facility lenders and second-lien convertible noteholders have been granted adequate protection.

A further hearing is scheduled for Sept. 7.

Also, an official committee of unsecured creditors has been appointed to the case.

The members are Power Electronics USA, Inc., based in Gilbert, Ariz., Michele Thorne, based in Los Angeles, TPI, Inc., based in Warren, R.I., and Sensata Technologies, Inc., based in Attleboro, Mass.

Burlingame, Calif.-based Proterra designs and manufactures zero-emission electric transit vehicles and EV technology solutions for commercial applications. The company filed bankruptcy on Aug. 7 under Chapter 11 case number 23-11120.

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