Court approves Laurentian's plan; university could emerge from insolvency within weeks
Ontario’s Superior Court of Justice has approved Laurentian University’s plan of arrangement, clearing the way for Laurentian to emerge from insolvency.
LU declared insolvency in February 2021 under the Canadian Companies' Arrangement Act (CCAA) the first time a Canadian university has done so.
Under the CCAA, the university negotiated with creditors to come up with a plan of arrangement. In September, creditors owed more than $180 million by Laurentian University approved a plan that will allow them to receive between 14.1 per cent and 24.2 per cent of what they are owed.
They will receive between 14.1 per cent and 24.2 per cent of what they are owed, depending on the size of their claim and the amount of money available. The money will be drawn from the sale of real estate to the province – a minimum of $45.5 million and as much as $53.5 million within three years.
“With this most recent approval, Laurentian is now weeks away from being able to successfully emerge from the CCAA process. This significant milestone should give confidence to those applying to Laurentian that they will be able to start and finish their degrees here,” the university said in a news release Wednesday.
With the approval of the plan, the university expects to emerge from the CCAA process by the end of November.
“Laurentian will have successfully emerged from its CCAA restructuring as a financially sustainable university with a solid path for future success,” the release said.
The university also announced its fall open house will be held on Oct. 22. Potential student can register on LU’s website.
CTVNews.ca Top Stories
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
"It's a bit of a complicated pattern; we've got a lot going on," said Jennifer Smith of the Meteorological Service of Canada in an interview with CTVNews.ca on Wednesday. "[As is] typical with weather, all of these things are related."
Boeing's financial woes continue, while families of crash victims urge U.S. to prosecute the company
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
Police tangle with students in Texas and California as wave of campus protest against Gaza war grows
Police tangled with student demonstrators in Texas and California while new encampments sprouted Wednesday at Harvard and other colleges as school leaders sought ways to defuse a growing wave of pro-Palestinian protests.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.