Today is Decision Day for Laurentian University in Sudbury
Today is decision day for Laurentian University. The school filed for creditor protection and was given until April 30 to reorganize its operations. Laurentian University President Robert Hache said the plan was "to have a restructured framework for the University which provides a sustainable and clear path forward." A judge will rule on the plan and the schools next steps today (Sunday). That ruling is expected by 11:00 o'clock Sunday evening.
Lawyers representing two of Laurentian's federated universities were in court Friday arguing against the cancellation of agreements with Thornloe and the University of Sudbury as part of Laurentian's bankruptcy process. Ronald Caza representing the University of Sudbury argued that it would be better for Laurentian to go bankrupt than cancel its agreements. Cancelling the agreements is a condition for the university to access $10 million in DIP funding to keep operating until August 31. Laurentian reached an agreement on disafiliation with Huntington University last month.
This is a developing story.