Laurentian University’s reconstruction will be overseen by a mediator.
Justice Sean Dunphy has been appointed the mediator of the process working with stakeholders to carry out the background work it takes to restructure the university.
The university revealed it had filed for creditor’s protection under the Companies’ Creditor Arrangement Act in February, which was endorsed by Superior Court Justice Geoffrey Morawetz (MORE-ah-witz).
Financial consultants Ernst & Young have also been declared the court-appointed monitor overseeing the coordination of the reconstruction.
The endorsement gives Laurentian authority to borrow $25 million in funding to cover its costs until the end of April, allows for no more proceedings against the institution, provides for restructuring and stops payments to employees’ pension programs.
There has been no public comment from the university, however, it is also exempt from responding to inquiries under the Freedom of Information and Protection of Privacy Act up until April 30th.