Laurentian Wants to Extend Creditor Protection to Nov. 30

Laurentian University expects to ask for creditor protection to be extended to Nov. 30 at an upcoming hearing, according to court documents filed on Friday, reported. The “stay of proceedings” protecting the insolvent university from its creditors currently expires Sept. 30. Laurentian University has been undergoing court-supervised restructuring under the Companies’ Creditors Arrangement Act (or CCAA) since declaring insolvency in February 2021. However, Laurentian’s emergence from the CCAA is now in sight after its creditors approved the plan of arrangement earlier this month, which lays out a plan for LU to pay back at least a small portion of what it owes. The court document filed on Friday said Laurentian is initially seeking a short stay of proceedings extension until Oct. 7. The motion for this short stay extension is to be held “in writing,” meaning the judge will make a decision based on the documents filed. Read more.