07:07 AM EST, 12/02/2024 (MT Newswires) -- Lion Electric ( LEV ) said Sunday it has amended its senior revolving credit deal it signed with a group of lenders represented by the National Bank of Canada, and including the Bank of Montreal and Federation des Caisses Desjardins du Quebec.

The company has also amended its loan agreement with Finalta Capital and Caisse de depot et placement du Quebec, to extend the period under the revolving credit agreement and the maturity date under the loan agreement to Dec. 16 from Nov. 30, it added.

Under the terms, Lion Electric ( LEV ) will be entitled to utilize a small portion of the receivables to finance its minimum liquidity requirements until Dec. 16, it said.

Additionally, Lion Electric ( LEV ) said it is planning to temporarily lay off roughly 400 employees in Canada and the US, throughout all departments and will suspend activities at its Joliet, Illinois production site.