 |
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.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
