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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.
Caterpillar’s Rob Rengel will join ATI Inc. on June 22 as VP-investor relations, succeeding the retiring David Weston.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover offer by billionaire Ed Ackman's Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
Prosek Partners brings on Danielle O’Brien as a managing director in its investor relations practice, based in the firm’s New York office.
