SUDBURY Laurentian University filed for creditor protection on February 1, citing years of operational deficits alongside decreasing enrolment and increased expenses due to the pandemic. As a result of recurring operational deficits in the millions of dollars, Laurentians factum says, LU is experiencing a liquidity crisis and is insolvent.
Court documents indicate that the university has deficits of $42.6 million, holds nearly $100 million in long-term debts, and has had its access to multiple lines of credit severed. It is projecting a deficit of $5.6 million in the 2020-21 school year.
The Ministry of Colleges and Universities tells TVO.org via email that it is not aware of another publicly assisted postsecondary institution that has …
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