Reported Saturday, Vicinity Motor Fails To Renegotiate Terms With Creditors, Concludes Workout Plan Without Restructuring
Portfolio Pulse from Benzinga Newsdesk
Vicinity Motor failed to renegotiate terms with creditors RBC and EDC, leading to a Notice of Intention to Enforce Security under Canada's Bankruptcy and Insolvency Act. The company's credit facilities were not renewed, impacting its financial stability.
October 14, 2024 | 7:31 am
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Vicinity Motor failed to renegotiate credit terms with RBC and EDC, resulting in a Notice of Intention to Enforce Security. This indicates financial distress and potential bankruptcy proceedings.
The refusal of creditors to renew credit facilities and the issuance of a Notice of Intention to Enforce Security suggest significant financial challenges for Vicinity Motor. This development is likely to negatively impact the company's stock price in the short term due to increased risk of insolvency.
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