Lion Electric to file for creditor protection
CTV
Lion Electric, a Quebec-based manufacturer of electric buses and trucks, says that it plans to file for creditor protection.
Lion Electric, a Quebec-based manufacturer of electric buses and trucks, announced on Tuesday that it plans to file for creditor protection.
In a press release, the Saint-Jérôme-based company said it will file for protection under the Companies' Creditors Arrangement Act (CCAA).
It said its objective was to "restructure its operations and financial affairs" and "conduct a formal process to sell and solicit investments in the company's operations or assets."
Lion Electric had until Monday to come to agreements to repay two loans, one with a syndicate of banks and the other with Finalta Capital and the Caisse de dépôt et placement du Québec.
The deadline for the two loans was extended from Nov. 30 to Dec. 16 to give Lion more time to raise funds, but the company confirmed on Tuesday that "no alternative solution materialized and no further modifications, concessions or waivers had been obtained."
The company added that it was negotiating "with its senior lenders" to obtain additional funds.
Trading in Lion is expected to be suspended on the Toronto and New York stock exchanges.
As rainy and gusty weather clears the Maritimes Tuesday, a round of snow and rain is lined up for late week.
Two people have been charged in connection with the disappearance and death of a Markham real estate agent whose remains were found in Parry Sound over the summer.
The House of Commons is slated to adjourn on Tuesday, bringing an end to an unstable fall sitting that has been bookended by Liberal byelection losses. The conclusion of the fall sitting comes as Prime Minister Justin Trudeau's minority government is in turmoil.
The Tofino Harbour Authority says it has shuttered its office in the coastal Vancouver Island community after what it describes as an escalating standoff with a squatter who has been occupying the harbour property for more than two years.
Potential rule changes for short-term rentals in Calgary are drawing criticism from the companies that run them.
Statistics Canada estimates the country's population grew by 176,699 people between July 1 and Oct. 1, marking the slowest pace of growth since the first quarter of 2022.
Lion Electric, a Quebec-based manufacturer of electric buses and trucks, says that it plans to file for creditor protection.
A child is in the hospital with life-threatening injuries following a motor-vehicle collision on Longwoods Road just west of Lambeth this afternoon.
The New Brunswick RCMP says two people have died and four others are injured following a multi-vehicle crash in Moncton Sunday night.
A group of TTC riders banded together to rescue a woman's cat from underneath a streetcar in downtown Toronto, saving one of its nine lives.
A judge's decision to stay the charge against a driver who hit and killed a child is causing some online uproar. Many of the victim's supporters took to social media to call for justice in the death the nine-year-old girl.