ON to buy Laurentian real estate, Laurentian creditor protection extended until end of September

The Government of Ontario has announced additional financial help for Laurentian University. ON will be buying $53.5M of Laurentian University real estate and will allow the institution to continue to occupy the buildings and land after the sale. The university has requested that the province prioritize Laurentian buildings that are occupied by NOSM University. All money from the sale will be used to pay creditors. ON is also replacing the $35M debtor-in-possession loan with a longer-term loan, and Laurentian’s creditor protection has been extended until September 30. The Ministry of Colleges and Universities previously provided Laurentian with $35M in operating funds, up to $6M in COVID-19 funding, and up to $22M to compensate for a drop in enrolment. Note: Archived stories may contain dead links or be missing source links.