Laurentian receives $4.725M legal bill from insolvency monitor
A court hearing next week will seek approval for a $4.725 million legal bill from the legal firms helping Laurentian University emerge from insolvency.
The bill is from the monitor of the process, Ernst & Young, and firms it contracted to provide additional services between January and July of this year.
Under the Companies' Creditor Arrangement Act (CCAA), the monitor in insolvency provides oversight of the restructuring process, acting as an independent observer and providing opinions to the court.
Services include working with creditors and other parties to the process to come to agreements on outstanding issues. In Laurentian's case, that included groups such as the former federated universities, outstanding union grievances, dealing with major lenders and creditors, among many other services.
The $4.725 million bill comes from three firms: Ernst & Young, which charged 3,787 hours at an average hourly billing rate of $606; accounting professionals at E&Y (referred to as 'EY FAAS') charged for an additional 780.7 hours at an average hourly billing rate of $562; and, Stikeman Elliott LLP charged for 2,146.5 professional hours at an average hourly rate of $928.
"It is the monitor’s view that its fees and disbursements and the fees and disbursements of EY FAAS and Stikeman are reasonable and appropriate in the circumstances having regard to the scope of activity undertaken by the monitor in the CCAA proceeding and the positive strides made in the applicant’s complex and comprehensive restructuring thus far," Ernst & Young said in its court filing.
"The efforts of the Monitor and its counsel … facilitated and assisted LU in successfully reaching significant achievements in its restructuring, with resulting benefits to its general body of creditors and other stakeholders."
The application to have the fees approved will be heard at a hearing Oct. 12. Laurentian has agreed on a plan to deal with its creditors and aims to emerge from insolvency in November.
Read the full document here.
CTVNews.ca Top Stories
Chants of 'shame on you' greet guests arriving for the annual White House correspondents' dinner
An election-year roast of U.S. President Joe Biden before journalists, celebrities and politicians at the annual White House correspondents' dinner Saturday.
What is a 'halal mortgage'? Does it make housing more accessible?
The 2024 federal budget announced on April 16 included plans to introduce “halal mortgages” as a way to increase access to home ownership.
Here's where Canadians are living abroad: report
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
Deadly six-vehicle crash on Highway 400 sparked by road rage incident
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
Opinion I just don't get Taylor Swift
It's one thing to say you like Taylor Swift and her music, but don't blame CNN's AJ Willingham's when she says she just 'doesn't get' the global phenomenon.
Invasive and toxic hammerhead worms make themselves at home in Ontario
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
Harvey Weinstein hospitalized after return to New York from upstate prison
Harvey Weinstein’s lawyer said Saturday that the onetime movie mogul has been hospitalized for a battery of tests after his return to New York City following an appeals court ruling nullifying his 2020 rape conviction.
'We are declaring our readiness': No decision made yet as Poland declares it's ready to host nuclear weapons
Polish President Andrzej Duda says while no decision has been made around whether Poland will host nuclear weapons as part of an expansion of the NATO alliance’s nuclear sharing program, his country is willing and prepared to do so.
Central Alberta queer groups react to request from Red Deer-South to reinstate Jennifer Johnson to UCP caucus
A number of LGBQT+2s groups in Central Alberta are pushing back against a request from the Red Deer South UCP constituency to reinstate MLA Jennifer Johnson into the UCP caucus.