Vicinity’s future in doubt after failure to renegotiate debt terms
Vicinity Motor Corp. announced it was unable to work out a plan to restructure its debt with Royal Bank of Canada and Export Development Canada.
It has been served with a Notice of Intention to Enforce Security under the Bankruptcy and Insolvency Act. Vicinity says Royal Bank has also restricted its access to certain assets without notice, affecting its operating ability.
“Accordingly, the Company has been severely constrained in its ability to manage its finances, including vendor and customer obligations,” the company said in a statement.
“The company believes that the creditors will proceed toward receivership enforcement impeding the company’s ability to continue to operate. If that happens, the company will likely be forced to lay off its remaining staff and cease operations.”
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.
just claim bankruptcy then get the same monitor Pride Group had and then buy it all back for pennie’s on the dollar…What works for one works for Ll