Electric bus maker facing complaints from Maine school districts is strapped for cash [Video]

The Canadian manufacturer of electric buses drawing complaints from several Maine school districts about mechanical and service problems is financially struggling and negotiating with creditors for more time to come up with cash.

Winthrop, Vinalhaven and Yarmouth are among the districts reporting problems with electric school buses. The Maine Department of Education advised that Lion Electric Co. buses be parked until further inspections.

Lion Electric last month posted a steep drop in third-quarter revenue and a wider financial loss than in the same period last year. The company warned investors it may not have enough cash to meet its obligations in the next year.

The electric vehicle manufacturer said Nov. 6 it’s not certain that cash and expected cash flows from operations will be sufficient to meet its obligations coming due in the next 12 months. As a result, remaining a “going concern” – an accounting term that means a company is financially stable and …