Electric bus maker Lion Electric granted creditor protection by Quebec court
Part of the assembly floor at Lion Electric Company's lithium-ion battery manufacturing facility is shown in Mirabel, Que., Thursday, Sept. 14, 2023. (THE CANADIAN PRESS/Christinne Muschi)
The Lion Electric Co. says it has been granted protection from creditors under the Companies' Creditors Arrangement Act by the Superior Court of Quebec.
The electric bus maker says it plans to seek recognition of the CCAA proceedings in the U.S. under Chapter 15 of the Bankruptcy Code.
Deloitte Restructuring Inc. has been appointed as monitor to oversee the restructuring efforts at the company.
Lion Electric says the court also issued an order approving a sale and investment solicitation process.
The company sought court protection from creditors after it 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.
-- This report by The Canadian Press was first published Dec. 19, 2024.
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