FTI Consulting serves as the financial advisor to Proterra, the electric vehicle parts supplier, that declared Chapter 11 on Aug. 7.
The Burlingame, CA company chalked up a $244M Q1 loss on $80M in revenues. With the reorganization, Proterra canceled its Aug. 9 earnings call.
CEO Gareth Joyce said while Proterra’s “best-in-class EV and battery technologies set an industry standard, we have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale all of our opportunities simultaneously.”
The Chapter 11 process will enable Proterra to separate each production line to maximize its independent potential, he said.