Another $5.6M in restructuring costs expected by Dec. 2
The tally for restructuring costs over the course of Laurentian University’s insolvency is now up to $26.1 million.
Laurentian University declared insolvency and applied for creditor protection under the Companies’ Creditors Arrangement Act on Feb. 1, 2021. Since that time, it has undergone restructuring, which has included mass layoffs and program cuts.The university spent $5.2 million on restructuring between May 7 and Sept. 16, 2022, according to the latest report by Ernst & Young, which is the firm acting as the court-appointed monitor of Laurentian’s insolvency restructuring.
Specifically, this DIP loan agreement interest rate is based on the “province’s one-year cost of funds at the time of the advance.” Laurentian’s creditors have been told to expect about a 14 to 24 per cent recovery on what they’re owed within three years.
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