Quebec · CCAA
The Lion Electric 24-18898 DI 6 - Application for Hearing on Emergency Motions
Application / notice of application · 18 December 2024
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What we verified from this filing5 verified
- financial positionnote: Total secured indebtedness of approximately $216,076,804.17 (as of Sept 30, 2024) is a subset of total liabilities of $499,765,196; remainder is unsecured indebtedness (e.g., SIF Loan, IQ Loan, Supplier Credit Facility, ESSOR Loan, 2023 Convertible Debentures, trade payables, leases). · page: 86 · as at: 2024-09-30 · basis: book value (consolidated interim financial statements) · scope: consolidated - Lion Group (The Lion Electric Company and subsidiaries) · currency: USD · total assets: 780200349 · total liabilities: 499765196
- secured creditorsnote: Document states this $117,100,000 balance 'was subsequently increased to approximately $2,200,000, following additional advances made by the Banking Syndicate Lenders pursuant to an amendment dated November 30, 2024, to temporarily fund the Lion Group's operations and payroll' (quoted as stated, figure as written). Covenant relief period expired Dec 16, 2024, resulting in default. · page: 89 · as of: 2024-09-30 · amount: 117100000 · debtor: Lion Electric (borrower); guarantors: Lion Holding USA, Lion Electric USA, Lion Manufacturing USA, Northern Genesis · creditor: Banking Syndicate Lenders (represented by National Bank of Canada, as administrative/collateral agent and hypothecary representative; syndicate includes Bank of Montreal and Fédération des Caisses Desjardins du Québec) · currency: USD · security: Security interest, hypothec and lien on substantially all movable (personal) property and assets of the Lion Operating Group; Revolving Credit Agreement facility limit $200,000,000 (revolving, floating rate, weighted average all-in rate 8.6% as of Sept 30, 2024)
- secured creditorsnote: Amount stated as principal owing. Covenant relief period expired Dec 16, 2024, resulting in default. · page: 89 · as of: 2024-09-30 · amount: 22659723 · debtor: Lion Electric (borrower); guarantors: Lion Holding USA, Lion Electric USA, Lion Manufacturing USA, Northern Genesis · creditor: Fonds Finalta Capital, S.E.C. and CDPQ Revenu Fixe I Inc. (lenders), represented by Finalta as fondé de pouvoir (hypothecary representative) · currency: USD · security: Security interest, hypothec and lien on certain tax credits, government grants and receivables, and substantially all other movable property/assets of the Lion Operating Group; Finalta-CDPQ Loan Agreement facility limit up to C$30,000,000 principal, 12.95% per annum
- secured creditorsnote: Balance reduced by net proceeds of the Innovation Center Sale Transaction applied as partial repayment. · page: 90 · as of: 2024-09-30 · amount: 68915845 · debtor: Lion Electric; guarantors: Lion Holding USA, Lion Electric USA, Lion Manufacturing USA, Northern Genesis · creditor: Holders of the 2023 Non-Convertible Debentures, represented by Groupe Mach Inc. as fondé de pouvoir (hypothecary representative) · currency: USD · security: Security interest, hypothec and other liens on substantially all movable (personal) property/assets of the Lion Operating Group; previously also secured by a hypothec on the immovable/real rights related to Lion Electric's Innovation Center - this immovable hypothec was released/discharged in connection with the Innovation Center Sale Transaction. Debentures bear 11% interest, mature July 19, 2028.
- secured creditorsnote: Document states components only (approximate) alongside an exact aggregate total; total as stated in document used as amount. · page: 91 · as of: 2024-09-30 · amount: 7401236.17 · debtor: Lion Manufacturing USA (BMO Harris component); Lion Electric/Lion Group (Intact component) · creditor: Other Secured Liabilities (BMO Harris Bank N.A. and Intact Compagnie d'assurance) · currency: USD · security: (i) ~$7.4 million owing by Lion Manufacturing USA to BMO Harris Bank N.A. under master lease agreement(s)/similar instruments re purchase money obligations, capital leases and similar obligations; (ii) ~$1,236.17 owing to Intact Compagnie d'assurance re certain bond obligations