KCGI - British EV van maker Arrival hires adviser for potential insolvency - report
2023-08-12 20:24:01 ET
British electric van maker Arrival ( NASDAQ: ARVL ) has hired adviser Alvarez & Marsal as it considers a range of restructuring options, including a possible bankruptcy.
At least one fund is said to have reached out to Arrival ( ARVL ) in recent weeks to propose a capital injection, although it wasn't known whether any proposal would happen before the EV company may run out of cash, according to a Sky News report on Saturday, which cited city sources.
The report comes after Arrival, whose shares have plunged 75% this year, said last month that it had agreed to end its merger with SPAC Kensington Capital Acquisition Corp. ( KCGI ). A
The British van maker, which counts United Parcel Services ( UPS ) as a customer, disclosed a cash position of $130 million in its first-quarter earnings report, a drop of 37% from the prior quarter.
In May, Arrival said that it was pushing ahead with its plan to produce just one vehicle , an electric van, in the near term.
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British EV van maker Arrival hires adviser for potential insolvency - report