Dutch electric bus manufacturer Ebusco has been saved from imminent bankruptcy after issuing new shares to raise 36 million euros.

The coming months will remain difficult for the company, said director Christian Schrey. “But I am fully convinced that we will be able to improve our performance.”

Ebusco’s problems came to a head last month when two customers canceled large orders after the company said it could not deliver them on time due to a lack of parts. The company even filed a complaint to try to force Qbuzz to move forward with the order but lost.

Last week, Ebusco would have faced debts of 60 million euros if it failed to raise 36 million euros through the new share issue, which would have led to bankruptcy in the first quarter of the year next, the NOS television channel reported.

The company raised some 5 million euros from the sale of its inventory and reached an agreement with a German bus company to take over 48 of the the buses of canceled orders. This will raise an additional 22.7 million euros.

ING, the Van der Valk family And US investor Heights Capital Management have all agreed to invest more money in the company or swap debt for shares. Chinese battery manufacturer Gotion also took a stake.

Ebusco, based in Deurne, east of Eindhoven, launched its first emissions-free bus in 2013.