Laurentian University seeks more time to work through insolvency, confirms 30% drop in enrolment
Laurentian University is asking the courts to extend its insolvency period to Jan. 22 of next year to give it more time to work through the restructuring process.
And in court documents filed late last week, the university confirmed that first-year-enrolment has dipped by about 30 per cent, which the school said was anticipated because of the insolvency and the impact of COVID-19.
The current deadline under the Companies' Creditors Arrangement Act is Aug. 31. Ahead of a hearing Aug. 27, Laurentian also wants to extend the deadline for when emergency loans it received to continue operating come due.
Known as DIP loans, Laurentian also wants to extend the deadline from Aug. 31 to Jan. 22.
"The stay extension is required to enable the applicant to continue operating in the ordinary course while engaging in discussions in order to develop a plan of arrangement that is acceptable to its creditors, as well as completing the process of the real estate and governance/operational reviews being conducted to promote efficiencies and accountability," the court filing said.
In his affidavit, LU President Robert Haché said to date, the school has cut expenses by 25 per cent, saving $40 million a year in operating costs and putting it on a path to financial stability. He said less than 10 per cent of students have been impacted by program cuts, and just 165 students out of 9,300 won't be able to complete their programs because of the cuts.
"For those 165 affected students, LU has worked with MCU (Ministry of Colleges and Universities) in providing information to permit a program to be implemented wherein specific financial assistance was made available by MCU to allow those affected students to transfer to another university to complete their degree," Haché said.
"LU will continue to offer more than 270 online and remote courses during the fall 2021 semester. This demonstrates the continued leadership of LU in the university sector as LU was the first university in Ontario to fully transition to remote learning at the onset of the COVID-19 pandemic."
Read the full document here.
CTVNews.ca Top Stories
Air traveller complaints to Canadian Transportation Agency hit new high
The Canadian Transportation Agency has hit a record high of more than 71,000 complaints in a backlog. The quasi-judicial regulator and tribunal tasked with settling disputes between customers and the airlines says the backlog is growing because the number of incoming complaints keeps increasing.
LIVE B.C. seeks ban on using drugs in 'all public spaces,' shifting approach to decriminalization
The B.C. government is moving to have drug use banned in "all public spaces," marking a major shift in the province's approach to decriminalization.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
AFN chief says Air Canada offered a 15% discount after her headdress was mishandled
After the Assembly of First Nations' national chief complained to Air Canada about how staffers treated her and her ceremonial headdress on a flight this week, she says the airline responded by offering a 15 per cent discount on her next flight.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
U.S. flight attendant indicted in attempt to record teen girl in airplane bathroom
An American Airlines flight attendant was indicted Thursday after authorities said he tried to secretly record video of a 14-year-old girl using an airplane bathroom last September.
76ers All-Star centre Joel Embiid says he has Bell's palsy
Philadelphia 76ers All-Star centre Joel Embiid has been diagnosed with Bell’s palsy, a form of facial paralysis he says has affected him since before the play-in tournament.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.