Vicinity Motor (TSE:VMC) has released an update.
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Vicinity Motor Corp., a supplier of commercial electric vehicles, has reached the end of its financial restructuring workout plan without success, facing the possibility of receivership and operational shutdown. Despite efforts to renegotiate its credit facilities and manage its finances under creditor-imposed constraints, the company could not secure a favorable restructuring of debt. The failure to reach an agreement with its creditors, primarily RBC and EDC, has left the company at risk of laying off its staff and ceasing operations.
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