Taiga Motors Corporation (TSX: TAIG), a Montréal-based manufacturer of all-electric powersports vehicles, obtained CCAA protection on July 10, 2024. Despite introducing an all-electric snowmobile and two models of electric personal watercraft, Taiga has faced continuous financial losses since 2022. The company attributed its lack of profitability to the substantial capital investments required for manufacturing and challenges in generating revenue due to insufficient sales distribution channels. By the end of 2022, Taiga employed over 250 people and gained international recognition, including a spot in TIME’s Best Inventions of 2022.

To address its financial issues, Taiga reduced its cost structure, paused vehicle production, and cut its workforce. In April 2024, Deloitte was appointed as restructuring advisor, and a Sales and Investment Solicitation Process (SISP) began in May 2024. However, no successful bids were received. Following consultations with legal and financial advisors, Taiga filed for CCAA protection to continue the SISP and explore transactions for its business and assets. Deloitte serves as the monitor, while Export Development Canada (EDC) is the proposed DIP lender. Legal counsel includes Norton Rose Fulbright for Taiga, Fasken for the monitor, and Stikeman Elliott for EDC. EY acts as the financial advisor to EDC.