After major layoffs, Quebec’s Lion Electric to enter creditor protection


Montreal·New

After laying off 920 employees this year, the Quebec-based electric bus and truck manufacturer Lion Electric has announced it is entering creditor protection.

Deadline for company to repay loans had been pushed back to Dec. 16

An electric truck inside a large warehouse.
Lion Electric, an electric bus and truck manufacturer whose Canadian headquarters are in Saint-Jérôme, Que., announced earlier this month that it had temporarily laid off half of its remaining workforce. (Ivanoh Demers/Radio-Canada)

Lion Electric, an electric bus and truck manufacturer based in Quebec, is entering creditor protection. 

In a statement Tuesday morning, the company — whose Canadian headquarters are in Saint-Jérôme, north of Montreal — said it was unable to find a way to repay its debts.

The company had until Dec. 1 to pay back its loans but was granted an extension until Dec. 16.

Entering creditor protection plunges the company further into turmoil and raise questions about its future.

This year, the company has laid off a total of 920 employees.

From that total, 400 workers were laid off earlier this month, which accounted for half of the company’s remaining workforce.

This story is developing and will be updated.

 

Written by Antoni Nerestant



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