Quebec judge approves sale of Lion Electric
Vehicle-maker will keep plant in Saint-Jérôme, but hundreds of employees will be permanently laid off
A Quebec Superior Court judge has approved the sale of vehicle-maker Lion Electric to a group of Quebec investors.
Justice Michel Pinsonnault says the deal is the only option that ensures the struggling manufacturer can keep operating.
The consortium of investors is led by Pierre Wilkie, a director of the electric-vehicle company, and Montreal real estate entrepreneur Vincent Chiara.
Lion Electric will preserve its manufacturing plant in Saint-Jérôme, Que., where it made electric school buses and trucks, but hundreds of employees will be permanently laid off.
The investors made a revised offer after the Quebec government announced last month it would not invest any more public money in the company.
Lion Electric entered creditor protection in December and has been seeking a buyer since then.