Vicinity Motor Receives Demand Letters, Notice of Enforcement of Security From Royal Bank of Canada, Export Development Canada

MT Newswires Live08-09

Vicinity Motor (VEV) said Friday that it has received letters from its secured lenders, Royal Bank of Canada (RY) and Export Development Canada, or EDC, requesting full payment of its outstanding debt balances under their respective credit facilities.

The electric vehicle supplier said Royal Bank of Canada has sought a debt payment of $19.2 million plus CA$45,251 ($32,920) by Aug. 19, while the EDC has asked immediate payment of its $8.6 million debt plus interest of $54,231.

The secured lenders have also issued notices of Intention to Enforce Security under the Bankruptcy and Insolvency Act of Canada, Vicinity said.

Additionally, Vicinity said the credit facilities needed to be renewed on an annual basis but the lenders chose not to extend them. The company said it had used these credit facilities to withdraw $17.2 million as of March 31.

Vicinity said it plans to use all available options to settle the matter, including engaging in discussions with its creditors for potential solutions.

Shares of the company were down 36% in recent Friday premarket activity.

Price: 0.1932, Change: -0.11, Percent Change: -36.03

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