Quebec Court Grants Lion Electric Creditor Protection for Electric Bus Manufacturer
The Lion Electric Co. has been granted protection from creditors under the Companies’ Creditors Arrangement Act by the Superior Court of Quebec.
The electric bus maker intends 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 the monitor to oversee the restructuring efforts at the company.
Lion Electric also received an order from the court approving a sale and investment solicitation process.
The company sought court protection from creditors after announcing it had defaulted on its debt on Monday.
Following the default, the company temporarily laid off 400 employees and halted production at its Illinois plant earlier this month, after receiving a two-week reprieve from its lenders to explore alternative options.
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