Laurentian to request extension of CCAA, new board chair to focus on path forward

January 27, 2022
Laurentian University will be requesting an extension under the Companies’ Creditors Arrangement Act as it works on solving its financial issues, reports CBC. Laurentian’s court-appointed monitor has agreed with the institution’s request to have an extension until May 31 as it works on a plan to monetize its assets, addresses grievances filed by unions, and talks with former federated universities about pension obligations. New Laurentian board chair Jeff Bangs, who was appointed by the Government of Ontario, spoke to CBC about his hope for the future and the path forward. “It’s going to take a renewed level of respect and trust amongst partners and after the year we’ve gone through it's probably fair to say that some of that has been shaken,” said Bangs. “But I think we do have the right ingredients to move forward.” CBC (1) | CBC (2) (ON)