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Reported Saturday, Vicinity Motor Fails To Renegotiate Terms With Creditors, Concludes Workout Plan Without Restructuring

Author: Benzinga Newsdesk | October 14, 2024 02:31am

As disclosed in the Company's publicly filed interim financial statements for the three months ended March 31, 2024, the credit facilities were set be renewed on a yearly basis, at the discretion of the Creditors, on July 16, 2024. The Company had actively been working with RBC and EDC on securing a renewal, but as previously announced by the Company, on August 9, 2024, the Creditors exercised their discretion not to renew the credit facilities and provided the Company with Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada).

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