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
Mystik Dan wins the 150th Kentucky Derby at Churchill Downs in a three-horse photo finish
Mystik Dan won the 150th Kentucky Derby in a photo finish, edging out Forever Young and Sierra Leone for the upset victory.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Princess Anne lays wreath at B.C. veteran's cemetery; receives 21-gun salute
Princess Anne paid tribute to veterans buried at a cemetery in British Columbia today, laying a wreath to honour the more than 2,500 military personnel and family members buried there.
Auston Matthews returns for Game 7, but Leafs minus injured goaltender Joseph Woll
Maple Leafs centre Auston Matthews returned to the lineup for Game 7 against the Boston Bruins on Saturday night.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.