Laurentian University gives update on 1st phase of court-mediated restructuring
Statement from Robert Haché says steps taken so far have been 'difficult and impact many,' but 'necessary'
The president and vice-chancellor of Laurentian University says today marks a number of milestones in the first phase of the insolvent university's Companies' Creditors Arrangement Act restructuring process.
In a statement on Laurentian's website, they say materials are being finalized for filing with the Superior Court of Justice for an extension to the initial stay order against creditors.
This will allow Laurentian to continue to the second phase of restructuring.
"This includes additional financial support from our CCAA lender in order to continue to operate, as Laurentian implements its plans to position the university for long-term sustainability and a basis for recovery for its creditors and stakeholders."
The statement reiterates the university's support to 2,000 francophone students to continue to have a "full suite" of French-language courses.
"Some key highlights of our continuing French-language programs include nursing, psychology, physical education and health, business administration, biomedical biology, social work and many more. As a bilingual and tricultural institution, these offerings keep us amongst the most comprehensive institutions with respect to our balance of French and English language programs."
Working on solutions
As for Indigenous studies that had been offered at the formerly federated University of Sudbury, the university says it understands many have been left with questions, but it is working on solutions.
"For example, Laurentian University will provide approximately 140 students registered in the Indigenous Studies program at the University of Sudbury with access to courses rooted in Indigenous perspectives already on offer, mostly through Laurentian's Faculty of Arts, in a range of disciplines," the statement reads.
"As part of our commitment to honour and affirm our tricultural mandate, Laurentian is committed to an Indigenous Perspectives program among its academic offerings in addition to its well established Bachelor of Indigenous Social Work and Master of Indigenous Relations programs."
They say the new program will be structured and developed for Senate approval, through active and ongoing engagement with the Laurentian University Native Education Council and the interim associate vice-president of Academic and Indigenous Programs.
The statement called the steps taken so far incredibly difficult for many but necessary to ensure the survival of the university.