Laurentian University plans to ask permission to finally make public letters between LU and the province that were sealed by the courts at the beginning of its insolvency in early 2021, Sudbury.com reported. On Sept. 14, the university’s creditors voted narrowly in favour of Laurentian University’s plan of arrangement, allowing Laurentian to clear a major hurdle to finally being able to exit creditor protection. A plan of arrangement is essentially a plan put forward by an insolvent organization to pay out its creditors, and it must be approved by these creditors. Laurentian expects to go back to court Oct. 5 to seek a “sanction order motion” which approves the plan of arrangement, authorizes its implementation, and releases creditors’ claims against the university. It would also terminate the stay of proceedings protecting Laurentian against its creditors as of the implementation of the plan of arrangement. Laurentian plans to ask for creditor protection to be extended until Nov. 30 as it implements its debt plan.
Read more.
Location