Laurentian University applies for court protection amid financial challenges
Posted February 1, 2021 4:49 pm.
A northern Ontario university is filing for protection from creditors as it restructures amid “unprecedented” financial challenges.
Laurentian University’s president says the Sudbury, Ont., school has started court proceedings under the federal Companies’ Creditors Arrangement Act.
Robert Hache says Laurentian is insolvent after a decade of financial strain from issues that predate the pandemic, like population decline in the region.
He says the proceedings won’t affect day-to-day operations at the school.
The provincial minister of universities says the situation is concerning and says the government has appointed an advisor to support the institution.
Ross Romano says the government is exploring its options in light of the “unprecedented” news, which could include legislation giving the province greater oversight of university finances.
