The Lion Electric Co. has utilized to the Superior Court docket of Quebec for cover from collectors underneath the Corporations’ Collectors Association Act.
The electrical faculty bus maker additionally says it plans to hunt recognition of the CCAA proceedings within the U.S. underneath Chapter 15 of the Chapter Code.
In its software to the Quebec courtroom for an preliminary order, the corporate is searching for approval of a proper sale and funding solicitation course of.
Get breaking Nationwide information
For information impacting Canada and around the globe, join breaking information alerts delivered on to you after they occur.
Approval can be being looked for the appointment of Deloitte Restructuring Inc. because the monitor to supervise the method.
The submitting for credit score safety comes after the corporate mentioned Monday that it had defaulted on its debt.
The corporate briefly 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 alternate options.
© 2024 The Canadian Press
Source link