TORONTO — Today, Jill Dunlop, Minister of Colleges and Universities, issued the following statement regarding the future of Laurentian University:

“At the beginning of this year, Laurentian University brought an Application under the Companies’ Creditors Arrangement Act (CCAA) to deal with the deeply concerning and serious financial situation it faced. Our government took quick action to appoint a Special Advisor, Dr. Alan Harrison, to provide advice and recommendations regarding the financial situation at Laurentian and to also offer a perspective on governance. Additionally, our government provided financial support to students impacted by program cancellations and who needed to transfer to another university to continue their studies.

While Laurentian University has made progress in restructuring under the CCAA process, there is still considerable progress to be made to ensure its long-term sustainability.

That is why, in response to this unprecedented situation, the government is taking measures to provide cost savings and greater financial relief to Laurentian University by stepping in to replace the current Debtor-in-Possession (DIP) lender.

Further financial support is being provided through a $6 million grant for COVID-19-related costs and the suspension of recoveries and reductions, including those linked to enrolment targets. This support will be subject to conditions that ensure Laurentian’s board governance strategy guarantees a strong, financially stable future for the university, and more importantly, its students. It also requires that Laurentian provide enhanced, regular financial reporting.

We have also extended the Special Advisor position to continue to advise and provide recommendations to government while Laurentian University continues under the CCAA process.

Laurentian University students remain the government's priority and we are focused on ensuring that students get the support they need without experiencing any setbacks because of Laurentian’s financial situation.

The government will continue to explore options that provide greater oversight of university finances while protecting the interest of students and Ontario taxpayers.”