US EditionQuebec Investors to Acquire Bankrupt Lion Electric
- On Thursday, a consortium of Quebec investors led by Pierre Wilkie and Vincent Chiara announced an agreement to purchase and revitalize Lion Electric in St-Jerome.
- The deal follows Lion Electric seeking creditor protection in December and a months-long sale search that nearly failed after the Quebec government refused further public funding.
- Last week, investors submitted a new, scaled-back proposal following Quebec’s announcement that it would continue funding its nearly $500 million program supporting electric school bus purchases, which will aid Lion Electric.
- The new subsidy offers $240,000 rebates per electric bus, up from $175,000, runs until 2028 with a $480 million budget, and aims to electrify 65% of Quebec’s school bus fleet by 2030.
- The agreement preserves Lion Electric’s Saint-Jerome plant but includes permanent layoffs, and the deal will be presented to Quebec Superior Court for approval, offering the company a second chance.
24 Articles
24 Articles
100 Million Lost to the Public and Workers at the Brink of Bankruptcy
After Northvolt and Lion Electric, the Legault government will also lose the tens of millions it has invested in Enerkem: the Montreal company has just placed itself in the shelter of its creditors. It will likely end up in the hands of its largest creditors, the Spanish oil Repsol and two New York funds.
The state and the media refuses to ask the proper questions about Chinese companies in Illinois – Wirepoints on with Jeff Daly of WZUS Decatur Radio
Mark joined Jeff Daly to talk about the demise of Lion Electric, the general decline of the green energy and EV market, the scandals that Chinese company Fuyao Glass has been involved in, and more.
Consortium of Quebec Investors to Purchase Lion Electric
A group of Quebec investors has reached a deal to acquire and relaunch struggling vehicle-maker Lion Electric. The consortium of investors is led by Pierre Wilkie, a director of the electric-vehicle manufacturer, and Vincent Chiara, president of Montreal real estate developer Groupe MACH. Lion Electric, which sought protection from its creditors in December, announced the sale Thursday evening and will present the agreement to a Quebec Superior …
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