Ontario court approves restructuring plan of Laurentian University
Ontario’s Superior Court of Justice has approved Laurentian University’s restructuring plan as the school appears to emerge from creditor protection.
The University of Sudbury, Ont., says the court’s approval on Wednesday means it is now “weeks away” from being able to implement its plan to restructure financially.
The school says that implementation will mean that it has successfully emerged from restructuring as a financially sustainable university.
The university’s creditors voted in September to approve the institution’s plan to allow it to restructure financially.
A report earlier this year on the Laurentian situation from Ontario Auditor General Bonnie Lisick said the university could have avoided creditor protection if it had been more explicit about its financial struggles with the government, which Lisick described as “bad.” pursuit of supposed capital investment”.
The University of Northern Ontario filed for creditor protection in early 2021, citing long-term debt and low revenue as a result of COVID-19.
© 2022 Canadian Press