The British-based company which set out plans to become a global pioneer in electric vehicle manufacturing has taken a step closer to insolvency after lining up a new set of advisers to oversee contingency planning.
Sky News has learnt that Arrival, which is listed on New York’s Nasdaq stock exchange, is in discussions with EY, the professional services firm, about acting as administrator if it cannot secure rescue funding.
City sources said that a bid to secure long-term funding through a sale or capital injection which had been led by Jefferies looked unlikely to prevail.
They cautioned, however, that there remained a possibility that Arrival would secure enough money to survive.
It was unclear on Monday how long Arrival’s remaining…
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