Quebec EV Maker to Seek Creditor Protection After Defaulting on Debt

Quebec EV Maker to Seek Creditor Protection After Defaulting on Debt
Lion Electric Co.'s lithium-ion battery manufacturing facility is shown in Mirabel, Que., on Sept. 14, 2023. The Canadian Press/Christinne Muschi
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Seized with a liquidity crisis, the Lion Electric Co. said Tuesday it expects to seek protection from creditors under the Companies’ Creditors Arrangement Act.

In a news release, the electric school bus maker says it has defaulted on its debt and is in talks with its senior lenders to obtain additional funds for a new debtor-in-possession credit facility.