Loop Energy Inc. (TSX: LPEN), a Vancouver, British Columbia-based designer and manufacturer of hydrogen fuel stacks targeted for the electrification of commercial vehicles such as buses and trucks, filed an NOI on July 17 listing over $13 million in liabilities, including almost $9 million to Pacific Economic Development Canada.

The decision to file was made after an 18-month strategic review process during which various going concern alternatives were considered.

After carefully considering its cash position and financing options, scheduled payments to suppliers, landlords and vendors, and other operating expenses, the company determined it was in its best interests to file an NOI. The principal purpose of the NOI proceedings is to create a stabilized environment to run a SISP, which is hoped to be completed by the end of August.

Crowe MacKay is the proposal trustee.