Polished.com (POL) has released an update.
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Polished.com Inc. has been hit with a Notice of Acceleration by Bank of America, demanding immediate repayment of all debts under a 2022 credit agreement, after defaulting on payments due at the end of January 2024. The outstanding debt stands at $91.25 million, and Bank of America has also terminated further credit commitments and set off $1.99 million from the company’s subsidiary accounts. The company’s financial situation is precarious, and failure to resolve the issue could lead to bankruptcy or insolvency.
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