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Proterra files for Chapter 11

Green Car Congress

Proterra has voluntarily filed for protection under Chapter 11 of the US Bankruptcy Code in the District of Delaware in an effort to strengthen its financial position through a recapitalization or going-concern sale. As a result of the filing, Proterra cancelled its scheduled earnings conference call on Wednesday.

Delaware 150
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Elon Musk tells Twitter to turn over names of workers calculating bot users

Teslarati

Tesla CEO Elon Musk’s legal team has alleged that Twitter is hiding the names of workers calculating bot users. The workers would likely be serving as key witnesses to the companies’ court battle this October. Musk’s legal team has submitted a letter to Delaware Chancery Court Judge Kathaleen St. per share. . per share.

Legal 145
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Lordstown Motors files for Chapter 11, sues Foxconn; selling off Endurance electric pickup

Green Car Congress

Lordstown is commencing a comprehensive marketing and sale process for the Endurance electric pickup and related assets. Jefferies is acting as financial advisor to the Company, and White & Case LLP is acting as legal counsel.

Motor 150
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Twitter urges shareholders to approve $44bn Musk buyout

Teslarati

The Twitter Board of Directors recommends that stockholders vote in favor of the transaction (“FOR”),” the company wrote in the filing. Elon Musk’s legal team calls out Twitter over alleged pretrial delays. Elon Musk’s legal team calls out Twitter over alleged pretrial delays. I’d love to hear from you!

Legal 96
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Tesla’s Chief Accounting Officer sells over 4,450 shares for nearly $3M

Teslarati

Tesla’s Chief Accounting Officer Vaibhav Taneja has unloaded 4,459 shares of the electric automaker’s stock, taking home $2,947,330 due to the sale, SEC documents reveal. A Form 4 is the necessary paperwork needed for “an insider” with a company to execute a transaction. due to the sale of common stock.

India 144
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EV maker CODA files for Chap. 11 bankruptcy; restructuring business around energy storage

Green Car Congress

has filed a voluntary petition under Chapter 11 in the US Bankruptcy Court, District of Delaware (Petition Nº 13-11153) to enable the reorganization of its business solely around energy storage based on its Li-ion battery systems. This process is intended to enable CODA to complete a sale, to confirm a plan and to emerge from bankruptcy.

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A123 Systems receives interim court approval of $50M DIP financing from Wanxiang; responds to objections from Wanxiang, Fisker and others on asset sales process

Green Car Congress

announced that the United States Bankruptcy Court for the District of Delaware (the "Court") has granted A123 interim approval to use $50 million of Debtor-in-Possession (DIP) financing, which is being provided by Wanxiang Group Corporation (Wanxiang). He suggested that what the company calls its “stalking horse”—i.e.,

Financing 225