By Rosalind Russell – Laurentian University will have until 2038 to pay off $35 million dollars in loans back to the province.
The funds were borrowed by the facility from the provincial government during the insolvency process.
In early 2021, Laurentian declared insolvency and filed for creditor protection under the Companies’ Creditors Arrangement Act, making widespread cuts to its programs and employees in April of that year.
According to the release, the courts approved the move on Monday, which is part of the process to exit the bankruptcy process.
The university hopes to exit the CCAA in November after creditors voted in favour of a debt plan. The process is continuing.
Photo: Laurentian University is implementing a plan to take it out of the bankruptcy process including arrangements to pay back a multi=-million dollar loan to the province. Photo provided by Laurentian University and used with permission.