Lion Electric Co., an electric bus manufacturer based in Saint-Jerome, Quebec, has recently laid off around 400 workers and temporarily halted operations at its Illinois factory.
This decision was made in order to conserve cash after failing to meet obligations to key creditors.
The company has received a short-term lifeline from its lenders, with extensions granted until December 16 for a credit agreement involving a syndicate of lenders, as well as a loan from the Caisse de Depot et Placement du Quebec and Finalta Capital Inc.
These measures are part of Lion Electric's strategy to address its financial challenges while making necessary operational adjustments.