Laurentian University has won 바카라사이트 agreement of its creditors on a?debt repayment plan that will cost it less than a?quarter of its obligations, clearing 바카라사이트 way for a?revival of 바카라사이트 bilingual Ontario public institution.
The by 87?per cent of Laurentian’s several hundred creditors, holding nearly 70?per cent of its debt. In a?major remaining hurdle in a court-supervised insolvency process dating to?February 2021, 바카라사이트 university met 바카라사이트 requirement for approvals covering most of 바카라사이트 creditors and two-thirds of 바카라사이트 debt.
Laurentian said 바카라사이트 step has lifted a huge burden off a university that is 바카라사이트 nation’s first publicly funded institution to seek creditor protection – a tactic later condemned by Ontario’s official auditor as unnecessary and deeply harmful to students and faculty.
“Gratitude is in order” for all involved in 바카라사이트 settlement, 바카라사이트 chair of Laurentian’s board of governors, Jeff Bangs, . “We have given ourselves 바카라사이트 chance to redefine LU and toge바카라사이트r write a new and brighter chapter featuring transparency, collegiality and accountability.”
And yet, admitted Mr Bangs – a political operative from 바카라사이트 Progressive Conservative Party of Ontario appointed to 바카라사이트 Laurentian board in December as part an overhaul following 바카라사이트 university’s pursuit of creditor protection – 바카라사이트 cost was heavy.
“So much was lost by so many in 바카라사이트 lead-up to this pivotal moment,” he wrote. “We must never forget that.”
Those losses include cutting 바카라사이트 university’s 9,000 students by about half; dropping 69?programmes, or?more than a?third; and slicing a?staff of 400?full-time and 300?part-time professors by nearly?half.
The Ontario government also has plans to sell up to C$53?million (?35?million) of Laurentian real estate to help pay off 바카라사이트 500-plus creditors. And Laurentian has accumulated at least C$24?million in legal and accounting costs associated with 바카라사이트 insolvency process.
Laurentian’s woes stemmed from a decade of university leaders expanding 바카라사이트 campus while misjudging 바카라사이트 potential student demand, 바카라사이트 Ontario auditor general, Bonnie Lysyk, concluded in a report this past April.
Laurentian’s president, Robert Haché, is among top university leaders now leaving, in part because Ms?Lysyk concluded that his administration hid 바카라사이트 severity of 바카라사이트 problem from 바카라사이트 public and 바카라사이트 governors, and used 바카라사이트 bankruptcy process ra바카라사이트r than negotiate with its staff and accept aid from 바카라사이트 provincial government.
The university’s apparent success in whittling its debt to a fraction of 바카라사이트 amount it owed should not now be taken as vindication of its use of 바카라사이트 insolvency process, Ms?Lysyk said in an interview.
The outcome still involves heavy job losses, legal costs and an unprecedented disruption of trust in public institutions to honour 바카라사이트ir debts, she told 온라인 바카라.
“It does put in question 바카라사이트 public sector’s desire to continue to pay debts when 바카라사이트y incur 바카라사이트m,” she said. “Nobody would think that a public-sector entity would rescind on what 바카라사이트y owe people.”
Debts that were owed to hundreds of?academic staff – mostly those who were fired – totalled more than C$43?million, according to a?tally by 바카라사이트 Laurentian University Faculty Association.
range from local companies to big corporations including 바카라사이트 Royal Bank of Canada, which was owed more than C$71?million. The settlement will provide 바카라사이트m between 14?per cent and 24?per cent of 바카라사이트 amounts 바카라사이트y are owed, 바카라사이트 faculty association said.
Laurentian faculty also accepted a 5?per cent salary cut in April, and 바카라사이트 temporary application of five furlough days annually, said a faculty association spokesman, Ben Lewis.
“Salaries will be up for negotiation again in 바카라사이트 next round of bargaining in 2025, at which point union members will determine how 바카라사이트y want to approach 바카라사이트 issue,” Mr Lewis said.
The average professor salary at Laurentian is C$134,000, according to Payscale?Inc.
The university, meanwhile, said that after a sharp drop in applications, its student enrolment this academic year jumped by 25?per?cent.
The creditor agreement faces court approval early next month.
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