How Laurentian University will be run and what it owns to be decided in next few months, says monitor
CBC
The court-appointed monitor overseeing Laurentian University's insolvency says the school needs more time to solve its financial woes.
The latest report released Tuesday contains a long to-do list for northern Ontario's largest post-secondary institution. The one-year anniversary of Laurentian University entering creditor protection, under the Companies' Creditors Arrangement Act (CCAA) is just days away, and the monitor agrees with the Sudbury school's request for the creditor protection process to be extended until May 31.
That would give Laurentian time to go over a soon-to-be completed review detailing how it can make more money from its buildings and vast land holdings.
"The real estate adviser ... is very close on completing its work on the asset monetization strategy, consolidation strategy and lease monetization strategy," the latest monitor report reads.
The monitor says these recommendations will contribute to formation of a "plan that will occur over the next few months," while noting it continues to receive "numerous" calls and emails from the public concerned about the divesting of Laurentian's property.
A "governance and operational review" of how the university is run was "finalized very recently" and is circulating privately among school leaders, with the goal of it being released "more broadly" in the weeks ahead.
The monitor also argues that the extra time will allow Laurentian University to deal 36 grievances filed by its unions and continue to negotiate with the province over the details of the $35-million bailout package announced last month.
Laurentian is also in talks with the former federated universities over the pension obligations for their employees laid off last year, is negotiating with the Northern Ontario School of Medicine and the Université de Hearst that the province recently declared independent of Laurentian, and continues to be investigated by the Office of the French Language Services Commissioner.
Laurentian is battling in a different courtroom with the Ontario government over what documents it is required to provide the auditor general.
In its report, the monitor sides with the university, saying this disclosure could make it harder for Laurentian to emerge from insolvency, and notes the extra work has been trying for university employees.
"This process has been extensive and given LU's limited resources, has impacted the ability of LU personnel to complete their day-to-day ordinary course duties as well as advancing the many other aspects of LU's CCAA restructuring," reads the report.
In a court hearing set for Thursday, a judge will decide the next steps for the creditor protection process.
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