Laurentian’s journey under the CCAA was to last for a total of 22 months
Two years ago today, on Feb. 1, 2021, Laurentian University became the first publicly funded university in Canada to file for protection under the Companies’ Creditors Arrangement Act .
The process, which Ontario Auditor General Bonnie Lysyk said Laurentian never needed to enter in the first place, included mass layoffs and program cancellations, the severing of ties with federated universities operating on campus and a plan of arrangement that will see LU creditors receive only roughly 14 to 24 per cent of what they’re owed over the next three years.
The university exited the CCAA minus both its most recent president, Robert Haché, and provost, Marie-Josée Berger, who departed last year as part of the terms of Laurentian’s plan of arrangement.
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