Laurentian University has formally exited the insolvency process, the school announced Monday, ending almost two years of turmoil at the institution.
LU sent shockwaves across the community Feb. 21, 2021, when it announced it was insolvent and was entering protection from creditors under the Companies Creditors Arrangement Act (CCAA).
It was the first time a public institution declared a form of bankruptcy under the CCAA in Canada. More than 60 programs and 150 jobs were lost in the process.
While there is much healing and hard work yet to be done, today we emerge stronger with safeguards in place to ensure a sustainable, more transparent and inclusive future, Jeff Bangs, chair of the board of governors, said in a news release Monday.
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