  Ultracold collisions of LiO molecules in the $^{2}\Pi_{3/2}$ ground state are
considered, under the influence of either an external magnetic or electric
field. Inelastic collisions are shown to be suppressed in the presence of
modest laboratory strength magnetic and electric fields.
  The rate of elastic collisions that rethermalize the thermal distribution,
and the corresponding low rate of heating state-changing collisions, suggest
that quantum degeneracy or even molecular Bose-Einstein condensation of LiO gas
may be attainable, provided that the initial temperatures in the milliKelvin
range are achievable.
