MONTREAL — The Lion Electrical Co. says it has been granted safety from collectors below the Firms’ Collectors Association Act by the Superior Court docket of Quebec.
MONTREAL — The Lion Electrical Co. says it has been granted safety from collectors below the Firms’ Collectors Association Act by the Superior Court docket of Quebec.
The electrical bus maker says it plans to hunt recognition of the CCAA proceedings within the U.S. below Chapter 15 of the Chapter Code.
Deloitte Restructuring Inc. has been appointed as monitor to supervise the restructuring efforts on the firm.
Lion Electrical says the courtroom additionally issued an order approving a sale and funding solicitation course of.
The corporate sought courtroom safety from collectors after it mentioned Monday that it had defaulted on its debt.
The corporate quickly laid off 400 staff and shut down manufacturing at its Illinois plant earlier this month after getting a two-week reprieve from its lenders to discover its options.
This report by The Canadian Press was first revealed Dec. 19, 2024.
Firms on this story: (TSX:LEV)
The Canadian Press
