Author of the article: Star Staff
Publishing date: May 03, 2021 • 1 hour ago • 2 minute read •
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Laurentian University has gotten the approval it needs to terminate agreements with its three federated universities and borrow $10 million to fund its operations as it continues to restructure.
Justice Geoffrey Morawetz of the Ontario Superior Court also ruled Sunday that Laurentian will continue to be protected from creditors until Aug. 31.
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Justice Morawetz did not elaborate on his reasons for his decisions, writing they will come later.
Published Monday, May 3, 2021 3:05PM EDT An Ontario court has extended an order allowing a struggling northern Ontario university to continue to operate while protected from its creditors. A stay of legal proceedings against Laurentian University set to expire Sunday evening has been prolonged to Aug. 31 as the school undergoes restructuring. In a handful of rulings issued over the weekend, the Ontario Superior Court also agreed to let Laurentian cut ties with three federated universities as part of the school s efforts to gain financial stability. Those universities the University of Sudbury, Thorneloe University and Huntington University can t access provincial funding directly, and instead receive money from Laurentian according to a funding formula in exchange for delivering programs and services.
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