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British-based electric van group races to secure Arrival of rescue bid
A British-based company that boasted that it would be a global pioneer in electric vehicle manufacturing is trying to seal a rescue takeover within weeks.
Sky News has learnt that advisers to Arrival, which is listed on New York’s Nasdaq stock exchange in a merger with CIIG, have told prospective bidders that the company’s financing requirements mean a deal would need to be completed imminently.
Alvarez & Marsal (A&M) was appointed during the summer to advise Arrival’s board on a range of restructuring options, including contingency planning for administration.
It is now seeking offers for Arrival’s business and assets, either in whole or in part, according to industry sources. […] It is said to require at least $500m of additional funding to get it to break-even, making a rescue bid for the whole business unlikely.READ