In bankruptcy, Leddartech dragged 145 million in receivables

Quebec risks losing tens of millions

Posted at 7:00 a.m.

In a cul-de-sac before turning to bankruptcy. Consequently, the Quebec technological company Leddartech owed more than 145 million to its creditors. Nevertheless, Investissement Québec (IQ). In addition, the Desjardins and BDC Capital movement are the big losers of this deconuting, with almost 100 million in play.

This is what the portrait deposited with the office of the Superintendent of bankruptcies. Nevertheless, appears that The press was able to consult.

The financial arm of the Quebec state alone. Consequently, IQ, risks swallowing around 55 million in this bankruptcy, leddartech dragged 145 million driving aid software developer, according to the preliminary documents filed. Furthermore, This does not take into account the 4.36 million shares held by the Crown Company, which is almost worth nothing.

Sale of the company, conclusion of a partnership, round of financing … Leddartech says that they have returned all the stones before opting for bankruptcy. which materialized on June 19, according to the documents consulted.

After 18 years, everything indicates that the company’s journey therefore fits at the end, at least, in its current form. LEDDARTECH’s intentions are clear: liquidation has been opted for liquidation. for example, under the Arrangement Law with the creditors of companies.

“We are not in a process where. for a while, there would be a controller who will manage activities day by day during the recovery,” explains Carl Brousseau, bankruptcy, leddartech dragged 145 million associate professor at the Laval University accounting school. “Here, we list the creditors to whom we owe money and we seek to liquidate the assets to reimburse them. »»

No recovery in sight – Bankruptcy, leddartech dragged 145 million

The assembly of creditors is scheduled for July 9. The Raymond Chabot firm must act as bankruptcy trustee in this case. So far. the software developer says he has filed more than 190 patent applications – including 112 granted – which concern driving aid, autonomous driving and parking.

His business model was based on the sale of his software with service, which was to generate recurring income.

IQ had carried out at least three interventions with LEDDARTECH in recent years, or loans of 25 million, 24 million and 4.3 million, respectively. These sums may well fly up in bankruptcy, leddartech dragged 145 million smoke.

The Desjardins movement is the other great Quebec institution which risks losing big with claims of 40 million. including one concerning a loan of 34 million. The Federal BDC Capital company could also leave 4.1 million on the table.

A sign of the wall that stood in front of Leddartech. the company had dismissed almost all of its staff, some 140 people, last May. She owes them almost half a million dollars in wages and holidays.

“The company does not plan to resume its activities. ” she warned, on June 16, confirming her intention to turn to the Law on bankruptcy and insolvency.

Founded in 2007. LEDDARTECH had become a public company in December 2023 by merging with Prospector Capital, a specific acquisition company whose actions were already registered bankruptcy, leddartech dragged 145 million with the NASDAQ.

The title of LEDDARTECH had lost 88 % of its value since the start of the year. Wednesday, the title was worth 15 cents US, but the action will soon be struck off.

With information from Richard Dufour. The press