Laurentian seeks extension to Nov. 30 to emerge from insolvency
Laurentian University is seeking court approval to extend the deadline to emerge from insolvency until Nov. 30 to give it time to implement its financial restructuring plan.
Currently, loans the university received to keep operating are due Sept. 30. Known as DIP loans, LU is looking to extend that deadline when they must be repaid for two months.
The university declared insolvency under the Companies' Creditors Arrangement Act (CCAA) in February 2021. A plan to repay creditors a percentage of what they are owed was approved at a hearing earlier this month.
Formally known as the plan of arrangement, that agreement must be confirmed by the court, with a hearing scheduled Oct. 5. Under the CCAA, that hearing is called the sanction hearing.
Because the DIP loans are due Sept. 30, LU is seeking to extend that date first to Oct. 7, then if the plan of arrangement is confirmed, until Nov. 30 to give it time to implement the plan and emerge, finally, from insolvency.
"The requested brief extension of the stay period is required to enable LU to continue operating in the ordinary course while preparing for the sanction hearing," said court documents the university filed in the case.
You can read them here.
CTVNews.ca Top Stories
BREAKING Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
What do weight loss drugs mean for a diet industry built on eating less and exercising more?
Recent injected drugs like Wegovy and its predecessor, the diabetes medication Ozempic, are reshaping the health and fitness industries.
2 military horses that broke free and ran loose across London are in serious condition
Two military horses that bolted and ran miles through the streets of London after being spooked by construction noise and tossing their riders were in a serious condition and required operations, a British government official said Thursday.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
It's no secret that spring can be a tumultuous time for Canadian weather, and as an unseasonably mild El Nino winter gives way to summer, there's bound to be a few swings in temperature that seem out of the ordinary. From Ontario to the Atlantic, though, this week is about to feel a little erratic.
He replaced Mickey Mantle. Now baseball's oldest living major leaguer is turning 100
The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.