Court grants 'sanction order' approving the university's plan of arrangement; lawyer says Laurentian close to hitting post-CCAA ‘reset button’
Laurentian University said it finally expects to exit creditor protection next month after an order issued by the courts on Wednesday.
Laurentian counsel D.J. Miller said this is expected to be the final stay of proceedings extension, “because the plan will be implemented.” Subject to receipt of the requisite government approvals, Laurentian will seek another court order on Nov. 1, authorizing LU to enter into the exit financing agreement.
“I would just on behalf of Laurentian like to acknowledge the many stakeholders who have been affected by the restructuring and who have provided Laurentian with an opportunity to hit the reset button for a financially sustainable future,” said D.J. Miller. Ernst & Young is the firm that has been acting as the court-appointed monitor of Laurentian’s CCAA proceedings.
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