US EditionQuebec Investors to Acquire Bankrupt Lion Electric
- A group of Quebec investors led by Pierre Wilkie and Vincent Chiara reached a deal Thursday evening to acquire and relaunch bankrupt Lion Electric, based in Saint-Jerome, Quebec.
- The agreement was reached after an extended effort to find a purchaser, following Lion Electric’s move to seek creditor protection in December and the Quebec government’s decision not to provide additional financial support.
- The new proposal came after investors were assured that Quebec would extend its funding initiative for electric school buses, which now provides rebates of $240,000 per bus, increased from the previous $175,000, with close to $500 million allocated to support the program.
- About 1,600 electric school buses operate in Quebec, with roughly 1,175 built by Lion Electric, and Premier François Legault estimated the government faces a loss of about $140 million on its investment.
- The deal offers Lion a second chance but includes permanent layoffs and preserving its Saint-Jerome plant, while the company awaits Quebec Superior Court approval and potentially faces ongoing financial challenges.
25 Articles
25 Articles
100 Million Lost to the Public and Workers at the Brink of Bankruptcy
After Northvolt and Lion Electric, the Legault government will also lose the tens of millions it has invested in Enerkem: the Montreal company has just placed itself in the shelter of its creditors. It will likely end up in the hands of its largest creditors, the Spanish oil Repsol and two New York funds.
The state and the media refuses to ask the proper questions about Chinese companies in Illinois – Wirepoints on with Jeff Daly of WZUS Decatur Radio
Mark joined Jeff Daly to talk about the demise of Lion Electric, the general decline of the green energy and EV market, the scandals that Chinese company Fuyao Glass has been involved in, and more.
Consortium of Quebec Investors to Purchase Lion Electric
A group of Quebec investors has reached a deal to acquire and relaunch struggling vehicle-maker Lion Electric. The consortium of investors is led by Pierre Wilkie, a director of the electric-vehicle manufacturer, and Vincent Chiara, president of Montreal real estate developer Groupe MACH. Lion Electric, which sought protection from its creditors in December, announced the sale Thursday evening and will present the agreement to a Quebec Superior …
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