Lion Electric Amends Senior Revolving Credit Deals; Temporarily Laying Off About 400 Employees

MT Newswires Live12-02

Lion Electric (LEV) said Sunday it has amended its senior revolving credit deal it signed with a group of lenders represented by the National Bank of Canada, and including the Bank of Montreal and Federation des Caisses Desjardins du Quebec.

The company has also amended its loan agreement with Finalta Capital and Caisse de depot et placement du Quebec, to extend the period under the revolving credit agreement and the maturity date under the loan agreement to Dec. 16 from Nov. 30, it added.

Under the terms, Lion Electric will be entitled to utilize a small portion of the receivables to finance its minimum liquidity requirements until Dec. 16, it said.

Additionally, Lion Electric said it is planning to temporarily lay off roughly 400 employees in Canada and the US, throughout all departments and will suspend activities at its Joliet, Illinois production site.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2488070678?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-12-02 20:07","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2488070678","market":"fut","top_or_hot":-1,"title":"Lion Electric Amends Senior Revolving Credit Deals; Temporarily Laying Off About 400 Employees","media":"MT Newswires Live","content":"<html><body><p> Lion Electric (LEV) said Sunday it has amended its senior revolving credit deal it signed with a group of lenders represented by the National Bank of Canada, and including the Bank of Montreal and Federation des Caisses Desjardins du Quebec.</p><p>The company has also amended its loan agreement with Finalta Capital and Caisse de depot et placement du Quebec, to extend the period under the revolving credit agreement and the maturity date under the loan agreement to Dec. 16 from Nov. 30, it added.</p><p>Under the terms, Lion Electric will be entitled to utilize a small portion of the receivables to finance its minimum liquidity requirements until Dec. 16, it said.</p><p>Additionally, Lion Electric said it is planning to temporarily lay off roughly 400 employees in Canada and the US, throughout all departments and will suspend activities at its Joliet, Illinois production site.</p></body></html>","source":"mtnewswires_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lion Electric Amends Senior Revolving Credit Deals; Temporarily Laying Off About 400 Employees</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLion Electric Amends Senior Revolving Credit Deals; Temporarily Laying Off About 400 Employees\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-02 20:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.mtnewswires.com/><strong>MT Newswires Live</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Lion Electric (LEV) said Sunday it has amended its senior revolving credit deal it signed with a group of lenders represented by the National Bank of Canada, and including the Bank of Montreal and ...</p>\n\n<a href=\"https://www.mtnewswires.com/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LEV","symbol_name":"The Lion Electric Company","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2488070678","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2488070678","pubTimestamp":1733141256,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"summary":"Lion Electric  said Sunday it has amended its senior revolving credit deal it signed with a group of lenders represented by the National Bank of Canada, and including the Bank of Montreal and Federation des Caisses Desjardins du Quebec.The company has also amended its loan agreement with Finalta Capital and Caisse de depot et placement du Quebec, to extend the period under the revolving credit agreement and the maturity date under the loan agreement to Dec. 16 from Nov. 30, it added.Under the terms, Lion Electric will be entitled to utilize a small portion of the receivables to finance its minimum liquidity requirements until Dec. 16, it said.Additionally, Lion Electric said it is planning to temporarily lay off roughly 400 employees in Canada and the US, throughout all departments and will suspend activities at its Joliet, Illinois production site.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LEV":"The Lion Electric Company","BK4149":"建筑机械与重型卡车"},"translate_title":"Lion Electric修改高级循环信贷协议；临时裁员约400人","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LEV":0.9},"content_text":"Lion Electric (LEV) said Sunday it has amended its senior revolving credit deal it signed with a group of lenders represented by the National Bank of Canada, and including the Bank of Montreal and Federation des Caisses Desjardins du Quebec.The company has also amended its loan agreement with Finalta Capital and Caisse de depot et placement du Quebec, to extend the period under the revolving credit agreement and the maturity date under the loan agreement to Dec. 16 from Nov. 30, it added.Under the terms, Lion Electric will be entitled to utilize a small portion of the receivables to finance its minimum liquidity requirements until Dec. 16, it said.Additionally, Lion Electric said it is planning to temporarily lay off roughly 400 employees in Canada and the US, throughout all departments and will suspend activities at its Joliet, Illinois production site.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2488070678"}