Lion Electric sells Mirabel innovation center
Lion Electric announced it has reached an agreement to sell its Mirabel, Que., innovation center for $50 million and will use the proceeds to pay down its debt.
The company says the sale will help reduce its long-term debt without affecting its short-term liquidity and cash position.
Earlier this month, Lion laid off 400 employees and ended production at its Joliet, Ill., factory as its debt with a syndicate of lenders had come due.
Closing of the transaction is expected to occur before the end of 2024.
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