Laurentian University is back in court today asking for permission to extend its restructuring efforts into the new year.
According to Northern Ontario Business, the institution will be asking for the stay of proceedings to be extended until next January.
Laurentian is also asking that the maturity date for more than $35 million in bridge financing loans also be extended until then.
Court documents state Laurentian “expects to be in a position to have identified the necessary exit financing in order to re-finance and fully repay” its DIP loans as of January 31st.
The institution reasons that extending the stay will give time to develop a “plan of arrangement” acceptable to its creditors, as well as finish real estate and operational reviews which are being conducted to promote efficiencies and accountability.
