Approval paves way for University to exit CCAA process
Sudbury ON, September 14, 2022 – Laurentian University today announced that its creditors have voted to approve the Plan of Arrangement filed with the Superior Court of Justice in July, clearing the way for the university to proceed to seek court approval of the Plan and, following implementation of the Plan, emergence from the CCAA proceedings. The Plan represents the culmination of more than 18 months of collaboration by Laurentian and its creditors, union leaders and key stakeholders. The vote is a significant milestone for the university as it seeks to emerge from CCAA as a successful and sustainable institution for the long-term.
“We are pleased by the confidence shown by Laurentian’s creditors and all our stakeholders as a result of this vote,” said Jeff Bangs, Chair of Laurentian University’s Board of Governors. “It’s exciting to see the community unite toward the common goal of ensuring that Laurentian University will operate for years to come as a critical part of the fabric and economy of Northern Ontario. This vote puts us one step closer to that reality.”
Now that the Plan has been approved by creditors, a court Order will be sought by Laurentian on October 5, 2022, which allows the Plan to be implemented following satisfaction of certain conditions. Once the Plan is implemented, Laurentian will have successfully emerged from its CCAA restructuring as a financially sustainable university with a solid path for future success. Implementation of the Plan is expected to occur later this fall.
“We are grateful for the ongoing support of the Government of Ontario, and for the active participation of all of our partners throughout this difficult process,” added Bangs. “While there is still work to be done, this milestone sends a strong message to current and future students, to our dedicated staff and faculty, to anyone within the Laurentian community, and to people throughout the North. We’re confident we will soon emerge from the restructuring stronger than before and with a sense of renewed optimism.”