US EditionLion Electric likely to be liquidated, court-appointed monitor says
- The court-appointed monitor indicated that Lion Electric, an electric vehicle manufacturer based in Quebec, is expected to be liquidated after the provincial government declined to provide additional funding.
- This development followed Quebec's refusal to invest an additional $24 million, which buyers sought to relaunch the company, citing socio-political risks limiting business expansion.
- Lion Electric entered creditor protection in December, laid off most employees after the government's announcement, and has ceased operations at its Illinois plant while still owing $400,000 in rent.
- Jean-François Nadon from Deloitte indicated that any potential sale of the company would have depended on government support, while Premier Legault revealed that the province faces an estimated loss of around $140 million from its investment in the company.
- The likely liquidation implies asset sales and potential losses for investors, with a shareholder class-action lawsuit filed against Lion’s directors for alleged investor misinformation.
23 Articles
23 Articles
Once an Illinois darling, electric school bus maker Lion faces likely liquidation
Lion Electric opened its sprawling 900,000-square-foot plant near Joliet in 2023, touting the potential for 1,400 new jobs. The Quebec-based electric school bus maker found eager customers in Illinois school districts, which wanted to take advantage of generous federal grants, reduce pollution and give kids a cleaner, quieter ride to school. But the bad news about Lion, which has been building for months, got worse Monday, with a court-appointed…
Lion Electric Likely to Be Liquidated, Court-Appointed Monitor Says
The court-appointed monitor for Lion Electric says the vehicle maker is very likely to be liquidated after the Quebec government refused to invest more public funds in the company. Jean-François Nadon, a representative of Deloitte, said in a court hearing this morning that government aid would have been a condition of any sale of the struggling company. Nadon says Deloitte sought offers over the weekend from companies interested in liquidating L…
Electric Lion: Likely to liquidate, according to a court-appointed controller
The controller appointed by the court for Lion Electric claims that the electric vehicle manufacturer is very likely to be liquidated after the Quebec government's refusal to invest more public funds in the company.
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