Vicinity Motor to restructure its finances as creditors demand repayment
By Bradley Osborne - 28th August 2024
Canada – Vicinity Motor Corp, a commercial vehicle manufacturer based in Aldergrove, British Columbia, has announced that it has until 20 October to put a financial restructuring plan into effect in order to restore the company’s liquidity and resolve outstanding debts.
The Canadian manufacturer signed an agreement on 21 August with its secured lenders to allow a grace period of sixty days, during which time Vicinity Motor must put together and execute a plan to restructure its revenues, debt structures, and initiatives. Brent Philips, company president, said the “strong backlog” of orders would “provide a solid foundation for this workout plan.”
