Laurentian University president Robert Haché was blunt about the restructuring process of the institution at the university’s Senate meeting last week.
He says if mediation is not successful and restructuring plans are not approved, the university will cease to function as of April 30th, the deadline given for restructuring.
Haché told the Senate it is not an if and/or maybe because that is when the money runs out and there will be no other recourse unless the restructuring plans receive support.
The university revealed its insolvency in February and applied for restructuring under the Companies’ Creditors Arrangement Act.
As part of the court proceeding, various stakeholders, including Senate representatives are tasked with taking part in the mediation process.
Provided Laurentian and the stakeholders can satisfy the critical milestones in the first phase of the restructuring, May 1st will mark the start of the second phase of the insolvency process, which would hopefully include an extension of the stay of the proceedings and further interim financing.