Laurentian University announced yesterday a new package of support from the Ontario Ministry of Colleges and Universities, which proponents say will see the university emerge from its restructuring as a stronger, financially viable institution.
According to the release, the province is providing $35-million dollars to refinance the existing debtor in possession financing made available as part of the bankruptcy proceeding the institution is involved in.
The province also expressed an intention to replace that with a long-term loan when Laurentian emerges from the bankruptcy proceeding with a Plan of Arrangement, on terms to be agreed.
Other supports include up to $6 million in COVID funding, and enrolment and performance protection of up to a combined amount of $22 million over several years, which will give the university time to stabilize its operations.
As part of the process, 11 governors also resigned yesterday with the province appointing five individuals to fill some of the vacancies and new members for the board are being sought under the Laurentian University of Sudbury Act.