Laurentian Has Already Spent More Than $9.8 Million on Restructuring Costs

Laurentian University president Robert Haché said the university’s insolvency restructuring efforts have already cost the university just over $9.8 million, Sudbury.com reported. He spoke about the costs at the Sept. 28 meeting of the Laurentian University senate. “It is an expensive process,” he said. “It comprises many components — the court-appointed monitor and insolvency counsel, counsel to the monitor, actually, chief redevelopment officer, as senators know.” He said going through the monitor’s reports, “the total costs of restructuring for all of those components and more that I haven’t mentioned adds up to just over $9.8 million. Haché said that he also wanted to highlight that Laurentian has freed up funds as a result of the restructuring — reducing the operating base of the university by $40 million a year, or 25 per cent. “The other thing to highlight is that the restructuring costs are one-time costs, whereas that reduction in operating costs is expected to be something that the university will benefit from over the longer term, as it completes the restructuring of its operations and exits from the CCAA process.” Read more.
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