Lion filing for bankruptcy... Lion is indeed filing for bankruptcy as it failed to get new investment backing...see below...dwdc
EV stock Lion focused on school buses and trucks, will initiate bankruptcy proceedings under the Companies’ Creditors Arrangement Act.
The decision follows Tuesday’s expiry of the covenant relief period under the company’s senior revolving credit agreement with National Bank of Canada, Bank of Montreal and Federation des Caisses Desjardins du Qubec.
A loan agreement with Finalta Capital Fund and Caisse de dpt et placement du Quebec that allowed the company more time to consider strategic alternatives has also matured.
Lion Electric is currently in default under the revolving credit agreement, the Finalta and Caise loan agreement, as well as other unspecified debt instruments.