EVWire brief: Lion Electric, the Canadian electric school bus maker, faces liquidation after Quebec provine says there will be no more funding invested.
Lion Electric entered creditor protection in December 2024.
Jean-Franรงois Nadon, a restructuring specialist with Deloitte, said in a Superior Court hearing on Monday that government aid would have been a condition of any sale of the struggling company.
"The likelihood of a liquidation of assets is very high.โ
Quebec Economy Minister Christine Frรฉchette announced Wednesday evening in a statement on social media that it would be irresponsible to offer Lion more public money. She later told reporters she "would have expected the private sector to be more involved."
The Quebec province, per Premier Legault, is stand to lose around $140M of investments made so far.
Lion Electric now has 12 employees left after the government announcement and seems to have gone in debt for the rent of the locations. Lion Electric manufactured electric school buses and trucks, and currently has about 1,175 school buses on the road in Quebec.
Source: CBC.ca
