Documents filed before the courts on May 24 revealed that the province has agreed to purchase Laurentian University assets while the institution continues to look for ways to pay of its creditors.
According to Northern Ontario Business, the province is looking at buying up to $53.5 million dollars of assets.
University president Robert Haché stated in a May 23rd affidavit that the terms of this agreement would allow the University to make 100 per cent of such net sale proceeds available to its creditors under the bankruptcy proceedings as real estate transactions are completed.
He adds the university anticipates it would be able to continue to use and occupy the property, be it real estate or buildings.
The university owes nearly $360 million to creditors and filed for creditor protection over a year ago.
He adds the university intends to return to court on Monday to ask that the stay of proceedings protecting the university from its creditors be extended once again to September 30th since the current stay of proceedings expires on Tuesday.