Laurentian University Gets Judge's Approval to Stay Open under Creditor Protection as It Restructures

Insolvent Laurentian has cleared a critical obstacle to move forward with its plan to become financially stable, after a judge on Sunday agreed to allow the Sudbury, Ont., university to continue to operate while protected from creditors until Aug. 31, CBC News reported. Justice Geoffrey Morawetz of Ontario Superior Court has also given the university the go-ahead to cut ties with three federated universities, which will qualify Laurentian for a $10-million loan. Morawetz's decisions following hearings last week come at the expense of the University of Sudbury, Thorneloe and Huntington. In his decision, Morawetz said he will give reasons for overruling the court challenges from Thorneloe and the University of Sudbury when they can be translated into French. Huntington hadn't opposed the termination of its agreement in court, as it earlier worked out an agreement with Laurentian. Read more.
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