Laurentian requests judge to extend its loan agreement

August 26, 2021
Laurentian University has requested an extension of its loan agreement until January 31, 2022. CBC reports that Laurentian needs to refinance its debtor-in-possession loans in order to exit the Companies’ Creditors Arrangement Act (CCAA) proceedings, and that it needs additional time in order to negotiate those terms. President Robert Haché filed an affidavit outlining factors such as the cuts and budget reductions made thus far, the anticipated reduced enrolment, and the provincial Auditor General’s investigation. Laurentian has negotiated a $350K fee with the lenders to extend the loan agreement. In order for Laurentian’s extended loan agreement to be approved, a judge must pass the motion, which will go before the court on August 27. CBC | Northern Ontario Business (ON)