Extend Creditor Protection for Lion Electric to April While Seeking Buyer
A court-appointed monitor reports that potential buyers and liquidators are showing interest in Quebec electric-vehicle manufacturer Lion Electric Co.
According to a recent report to the Quebec Superior Court, letters of intent were received earlier this month, although the exact number is undisclosed.
The report indicates that 169 potential investors were contacted as part of the creditor protection proceedings, along with 15 parties who may be interested in liquidating the company’s assets.
Out of the 15 potential liquidators, seven have visited Lion Electric’s manufacturing facilities in Canada and the United States, where the company produces electric school buses and trucks.
Lion Electric entered creditor protection in December and is now seeking a buyer with a restructuring plan focused solely on school buses while relocating all manufacturing operations back to Quebec.
This morning, a Quebec Superior Court judge approved an extension of the company’s creditor protection until April 4, with bidding parties required to submit their offers by March 7.
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