In a message published on its website, Laurentian president Dr. Robert Hache notes that “a number of developments over the past decade have put an increased strain on the operational and financial health of the University.” These include recurring deficits, declining northern Ontario demographics and the costs and revenue impacts associated with the covid-19 pandemic.
Hache adds that Laurentian’s financial health is “amongst the weakest in the province compared to other universities” and that the recent move comes as part of an intention to change the university’s financial situation.
“Despite our best efforts over the last year, Laurentian is insolvent. This is a problem that can and will be addressed if all stakeholders work together to implement a vision for Laurentian that includes more financially sustainable operations.”
Laurentian has been working with the Ministry of Colleges and Universities prior to the CCAA filing and expects to continue cooperating with the ministry throughout the proceedings.
The first phase of the restructuring is expected to take three months, and is anticipated to result in a new framework for the institution.
(This article first appeared in the Canadian Mining Journal)
