Quebec Investors to Acquire Bankrupt Bus Maker Lion Electric

An investor group involving Montreal real estate tycoon Vincent Chiara is set to take control of bankrupt Lion Electric Co., offering new capital to keep the electric bus and truck maker alive.

The Saint-Jerome, Quebec-based company filed for creditor protection in December after it failed to repay some debts and couldn’t find a buyer for the business or its assets. When the Quebec government declined to invest more money, the company’s appeared headed for liquidation.

But Chiara and other investors have made a new offer, which must be approved by the court. Under their plan, Lion would focus exclusively ...