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
NEW Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
NEW Life got in the way of one woman's reunion with her father, but a DNA test gained her a family
Anne Marie Cavner was the closest she'd ever been to meeting her biological father, but then life dealt her a blow. From an unexpected loss to a host of new relationships, a DNA test changed her life, and she doesn't regret a thing.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Quebec farmers have been protesting since December. Is anyone listening?
Upset about high interest rates, growing paperwork and heavy regulatory burdens, protesting farmers have become a familiar sight across Quebec since December.
'Catch-and-kill' strategy to be a focus as testimony resumes in Trump hush money case
A veteran tabloid publisher was expected to return to the witness stand Tuesday in Donald Trump's historic hush money trial.
Quebec Health Department reports 28 cases of eye damage linked to solar eclipse
Quebec's Health Department says it has received 28 reports of eye damage related to the April 8 total solar eclipse that passed over southern parts of the province.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Diver pinned under water by an alligator figured he had choice. Lose his arm or lose his life
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.