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
Canada, G7 urge 'all parties' to de-escalate in growing Mideast conflict
Canada called for "all parties" to de-escalate rising tensions in the Mideast following an apparent Israeli drone attack against Iran overnight.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
'It was all my savings': Ontario woman loses $15K to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
Families to receive Canada Child Benefit payment on Friday
More money will land in the pockets of some Canadian families on Friday for the latest Canada Child Benefit installment.
After COVID, WHO defines disease spread 'through air'
The World Health Organization and around 500 experts have agreed for the first time on what it means for a disease to spread through the air, in a bid to avoid the confusion early in the COVID-19 pandemic that some scientists have said cost lives.
Taylor Swift drops 15 new songs on double album, 'The Tortured Poets Department: The Anthology'
On Friday, the pop star released her 11th album and at 2 a.m. Eastern, she released "The Tortured Poets Department: The Anthology," featuring 15 additional songs.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
DEVELOPING G7 warns of new sanctions against Iran as world reacts to apparent Israeli drone attack
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.