Insolvent Laurentian University has cleared a critical obstacle to move forward on its plan for eventual financial stability after a judge on Sunday agreed to the terms of a stay that would protect the university from its creditors until Aug. 31.
Justice Geoffrey Morawetz of Ontario Superior Court has agreed to allow the university to cut ties with three federated universities, which will qualify Laurentian for a $10-millionloan that will allow it to operate while it looks at further ways to reduce its debt.
While Laurentian moves forward, it comes at the expense of Laurentian’s federated partners: University of Sudbury, Thorneloe and Huntington.
In his decision Sunday, Morawetz said he will give reasons for overruling the court chall…
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