Laurentian University wants extension of stay and more money

Laurentian University will be asking for a stay of proceedings and more funding when it returns to court this Friday.

Laurentian University president Robert Haché says under the bankruptcy process, the institution will ask for an extension of the stay until end of August and an additional $10-million dollars on top of the $25-million dollars it has already received in stability funding.

Haché says the university will also undertake a detailed assessment of all real estate owned or leased by the institution for the purpose of providing a monetary value of the assets for stakeholders.

He adds they are also looking at coming up with a Plan of Arrangement to present to creditors.

Laurentian declared insolvency in February.

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