07:27 AM EDT, 10/02/2024 (MT Newswires) -- Argo (ARGH.V) overnight Tuesday said two of its subsidiaries, Steer EV Canada and Steer Holdings, shuttered their electric vehicles subscription business operations in Canada and the United States.

Steer EV Canada filed for bankruptcy with the first meeting of creditors set for Oct. 21 while Steer Holdings, which has debts exceeding its assets, will be liquidated.

Argo has been working to divest most of its 60% non-controlling ownership interest in FoodsUp, a restaurant supply platform in Canada. "The FoodsUp Divestment, if it occurs, will mark an important step in Argo's formal separation between the business of FoodsUp and Argo," a statement noted.

Argo has also filed a statement of claim against Steer's former CEO, Suman Pushparajah on October 1, who was previously dismissed by Steer with cause. Under a disputed office lease, Pushparajah is subject to a personal indemnity of up to $1 million. Argo reports that on September 27, it was sued by Pushparajah for $10 million. Argo believes the action is entirely without merit and will vigorously defend it.