In a recent letter to Government of Québec Premier Christine Fréchette, LaSalle College President Claude Marchand stated that LaSalle may seek creditor protection if it is unable to reach an agreement regarding its $48M debt to the province. CBC reports that LaSalle is facing $29.9M in penalties and has been instructed to repay $17.9M in provincial subsidies. “The college is a non-profit organization: it does not generate the cash flow needed to absorb such a cost, as every dollar is reinvested in its educational mission,” said Marchand. Marchand is calling for revisions to its debt repayment schedule, the appointment of an interlocutor, and authorization to launch a science program to expand its pool of domestic students.
