Arrival Announces Appointment of Administrators For Arrival UK Limited and Arrival Automotive UK Limited
PR Team
5 Feb
LUXEMBOURG, February 5, 2024 — Arrival (“Arrival”) today announced that Simon Edel, Alan Hudson and Sam Woodward of EY-Parthenon’s Turnaround and Restructuring Strategy team were appointed as joint administrators (the “Administrators”) of Arrival UK Ltd and Arrival Automotive UK Limited (the “Companies”), both subsidiaries of Arrival. All of Arrival’s other subsidiaries will continue their activities as usual outside of the administration process.
The Administrators are now exploring options for the sale of the business and assets of the Companies, including the electric vehicle platform, software, intellectual property and R&D assets, for the benefit of creditors.
About Arrival
Arrival’s mission is to master a radically more efficient New Method to design, produce, sell and service purpose-built electric vehicles, to support a world where cities are free from fossil fuel vehicles. Arrival’s in-house technologies enable a unique approach to producing vehicles using rapidly-scalable, local Microfactories. Arrival is a joint stock company governed by Luxembourg law.Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws related to Arrival’s intentions regarding the above matters. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Readers are cautioned not to put undue reliance on forward-looking statements as they are subject to numerous uncertainties and factors, all of which are difficult to predict and many of which are beyond Arrival’s control. Except as required by applicable law, Arrival assumes no obligation to and does not intend to update or revise these forward-looking statements after the date of this press release, whether as a result of new information, future events, or otherwise. In light of these risks and uncertainties, you should keep in mind that any event described in a forward-looking statement made in this press release or elsewhere might not occur.Contacts:
Media — [email protected]Investors — [email protected]
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