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Investing.com -- Lion Electric, the Quebec-based electric vehicle manufacturer, is on the brink of liquidation, according to The Canadian Press, citing the company’s court-appointed monitor. The Quebec government has chosen not to invest additional public funds into the company, which has been a significant factor in the company’s current predicament.
Jean-François Nadon, a representative from Deloitte, stated in a court hearing that government assistance would have been a crucial condition for any potential sale of the beleaguered company. Over the past weekend, Deloitte had been seeking offers from companies interested in liquidating Lion Electric. Nadon expressed hopes of finalizing a transaction by next Monday.
Last Wednesday, the Quebec government announced that it would not be injecting any more public funds into Lion Electric. This decision led to the company laying off all but 12 of its employees.
Previously, a consortium of buyers had requested $24 million from the province to restart the company. However, the economy minister rejected this proposal, stating that it would be irresponsible to commit more government funds to the company.
Lion Electric, known for manufacturing electric school buses and trucks, has been under financial duress for some time. The company sought protection from its creditors in December and has been actively looking for a buyer since then.
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