LION ELECTRIC ANNOUNCES EXPIRY OF COVENANT RELIEF PERIOD AND DEFAULTS UNDER CERTAIN OF ITS SENIOR DEBT INSTRUMENTS
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 17 2024
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Source: Newsfilter
Company Restructuring Announcement: The Lion Electric Company is initiating restructuring proceedings under the Companies' Creditors Arrangement Act (CCAA) due to defaults on its credit agreements and the expiration of a covenant relief period, as no viable alternatives for restructuring have been found.
Trading Halt and Future Plans: Trading of Lion's shares on the TSX and NYSE has been halted while the company seeks additional funding through a new debtor-in-possession credit facility and plans to pursue a formal sales and investment solicitation process.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
