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
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
U.S. says Israel's use of U.S. arms likely violated international law, but evidence is incomplete
The Biden administration said Israel's use of U.S.-provided weapons in Gaza likely violated international humanitarian law but wartime conditions prevented U.S. officials from determining that for certain in specific airstrikes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Mother assaulted by stranger while breastfeeding baby in her car: Vancouver police
A person was arrested in East Vancouver Thursday after allegedly entering a car while a mother was breastfeeding her four-month-old boy.
'We have laws': Premier Smith says police action justified in Calgary
The actions, including the decision to use non-lethal force, to disperse pro-Palestinian protesters from the University of Calgary campus were justified, Alberta Premier Danielle Smith said Friday.