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The Quebec-based company that built P.E.I.’s fleet of electric school buses is now in creditor protection, with debts of over $411 million. Lion Electric could now be sold or liquidated, but its future is unclear. Some bus drivers wonder if that could make it more difficult to get repairs on P.E.I.
Quebec-based Lion Electric, which has made dozens of electric school buses for the P.E.I. government, is now in creditor protection.
The electric bus and truck manufacturer said in a statement Tuesday that it had been unable to find a way to repay debts that as of early December stood at more than $411 million.
“At this stage, Lion is not being liquidated, but is rather undertaking various restructuring measures, including a sale and investment solicitation process,” Marie-Ève Labranche, a Lion spokesperson, said in an email to CBC News.
P.E.I. began to electrify its school bus fleet in 2021, starting with 12 buses. That fleet has since grown to about 100.
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