Lion Electric Enters Creditor Protection Proceedin

@adhoc_partners·Dec 17

#the-lion-electric-company

Lion Electric Enters Creditor Protection Proceedings Lion Electric has laid off a total of 920 employees this year, with 400 of those layoffs occurring just prior to the announcement of creditor protection. The company received extensions on its loans, but these extensions were granted only until December 16, highlighting the urgency of their financial situation. Lion Electric's financial struggles come amidst broader challenges in the electric vehicle industry in Quebec, despite significant provincial investments aimed at establishing a local electric vehicle supply chain. The company is exploring options that may include selling its business or assets as part of their restructuring process under the Companies’ Creditors Arrangement Act.