| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for Proterra Inc. > News item |
Proterra pushes back key dates under bid procedures
By Sarah Lizee
Olympia, Wash., Nov. 8 – Proterra Inc. moved some of the key dates under the bid procedures for its asset sales or recapitalizations, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
Auctions, if any, will now be held on Nov. 13 for the track A assets and Nov. 9 for the track B assets.
The sale hearing for both sets of assets is now set for Nov. 28.
As a reminder, in addition to one or more asset sales, the debtors are soliciting any other type of strategic transaction involving the debtors or their assets, including proposals for raising debt or equity financing through a Chapter 11 plan of reorganization.
The debtors have three distinct business lines: Proterra Transit, Proterra Powered and Proterra Energy.
In light of the nature and timing of the Proterra Transit production cycle, which manufactures electric transit buses, and Proterra Energy’s synergies with Proterra Transit, the debtors set a sale timeline that has the potential to bifurcate depending on the bids the debtors receive, into a “track A” sales process for some of assets, and a “track B” process for other assets.
Specifically, the track A schedule may include any bid for a transaction including all or any portion of the assets of Proterra Transit or Proterra Energy, whereas the track B schedule may include bids for all company assets that are not sold in connection with the track A process, except Proterra Valence.
Moelis & Co. LLC is acting as the company’s investment banker.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.