Proterra asks court for 120-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Dec. 5 – Proterra Inc. is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company asked the court to extend the exclusive plan filing period through April 4 and the exclusive solicitation period through June 3, 2024.

The debtors said it has consulted with key stakeholders in advance of filing the motion, including the official committee of unsecured creditors, Bank of America, NA in its capacity as administrative agent under the debtors’ prepetition first-lien revolving credit facility and CSI GP I LLC in its capacity as collateral agent for the debtors’ second-lien convertible notes, and these stakeholders are supportive of the extension.

“Affording the debtors more time to obtain court approval of the disclosure statement and solicit votes on the plan will maximize the value that the debtors are able to provide to their stakeholders on account of their efforts thus far in the Chapter 11 cases,” the company said in the motion.

“Any failure to obtain the extensions requested in this motion would expose the debtors to potential distractions, which would interfere with plan confirmation, destroy estate value, and delay distributions to creditors.”

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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