Toronto, Ontario -- LeddarTech, a Canadian technology company specializing in simulations to test ADAS and autonomous driving, is planning to file for bankruptcy.
This decision comes after the company's reversal of an earlier plan to recall some recently furloughed employees back to work, as well as the unveiling of its new AI platform, which would use sensor data to produce 3D models for ADAS and autonomous driving applications-- in hopes of gaining funds to resume operations.
The company's attempts to find a buyer, business partner, or raise more money to continue operations have been unsuccessful. LeddarTech also received a notice of default from their short-term lender, after missing a payment.
After considering asset sales, corporate dissolution, as well as restructuring, the company’s board of directors determined the best course of action for the company, as well as stakeholders, is to file for bankruptcy as soon as possible. LeddarTech expects licensed insolvency trustee Raymond Chabot Inc. to take over as the official trustee to oversee the filing process.
Once the bankruptcy is filed, the board of directors will resign. The company does not expect to resume operations. Any further developments regarding the company’s bankruptcy filings will be available on Raymond Chabot Inc.'s website.
