ARTICLE AD BOX
By Staff The Canadian Press
Posted December 18, 2024 9:21 am
1 min read
The Lion Electric Co. has applied to the Superior Court of Quebec for protection from creditors under the Companies’ Creditors Arrangement Act.
The electric school bus maker also says it plans to seek recognition of the CCAA proceedings in the U.S. under Chapter 15 of the Bankruptcy Code.
In its application to the Quebec court for an initial order, the company is seeking approval of a formal sale and investment solicitation process.
Get breaking National news
For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.
Approval is also being sought for the appointment of Deloitte Restructuring Inc. as the monitor to oversee the process.
The filing for credit protection comes after the company said Monday that it had defaulted on its debt.
The company temporarily laid off 400 employees and shut down production at its Illinois plant earlier this month after getting a two-week reprieve from its lenders to explore its alternatives.
Trending Now
Story continues below advertisement
2:02
Quebec, Ottawa to inject $100M for Montreal-are electric vehicle battery plant
© 2024 The Canadian Press
English (US)