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.
More on Arrival
- Arrival Drives Towards The Brink
- Arrival to exchange $20M debt for equity with Antara