Laurentian University President Robert Hache says the institution will be asking the court for another extension early in the fall.
According to Northern Ontario Business, the current stay of bankruptcy proceedings expires on May 31st, but Hache says he wants an extension until September 30th.
He says the university is currently in negotiations to come up with a plan of arrangement to pay out its creditors, which they must then approve adding that is why the delay is needed.
Hache adds the motion for another stay will be heard in court on May 23rd.
Hache emphasizes the move is not a delay and there was never an expectation that the exit would take place on May 31st.
Laurentian declared insolvency and filed for creditor protection under the Companies’ Creditors Arrangement Act on February 1st of last year.