Lion Electric Starts Restructuring Proceedings After Defaulting on Some Debt; Shares Fall

MT Newswires Live12-17

Lion Electric (LEV) said Tuesday it defaulted under some of its senior debt instruments and will start restructuring proceedings.

Lion said it's in talks with its lenders to get additional funds under a new debtor-in-possession credit facility.

The company said it "expects to seek creditor protection" to "restructure its business and financial affairs and pursue a formal sales and investment solicitation process in respect of the company's business or assets."

The company's shares were falling past 25% in recent trading.

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