British EV van maker Arrival hires adviser for potential insolvency – report

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.