(Reuters) – British electric vehicle company Arrival is heading closer to insolvency after lining up a new set of advisers to oversee contingency planning, Sky News reported on Monday.
The company is talks with accounting firm EY about acting as administrator if it cannot secure rescue funding, the report added.
Arrival did not immediately respond to a Reuters request for comment.
Earlier this month, Arrival said it had missed a Dec. 1 deadline to make an interest payment on its convertible debt due 2026 as it battles a cash crunch.
(Reporting by Anirudh Saligrama in Bengaluru; Editing by Shilpi Majumdar)
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