Laurentian University says it needs more time todevelop a plan toexit restructuring and is asking a judge to approve an extension of its loan agreement, and a stay of proceedings against creditors,until January 31, 2022.
Robert Hach says in an affidavit filed with the motion on the court monitor’s websitethat Laurentian has negotiated a fee of 350 thousand dollars with its lenders to extend the existing loan agreement.
As part of its ongoing restructuring, Laurentian cut dozens of programs in April, and around 100 faculty members lost their jobs.
When it was declared insolvent, Laurentian became Canada’s first post-secondary institution to enter restructuring under the Companies’ Creditors Arrangement Act (CCAA), normally reserved …
Read the full article at: https://www.cbc.ca/news/canada/sudbury/laurentian-creditor-protection-sudbury-1.6151861
