An Amended Plan of Arrangement has been filed with the Court by Laurentian University today, following an update received from the Province of Ontario. As a result of the Province’s continuing assessment of Laurentian’s properties, the Province is confident that it can purchase the designated real estate assets from Laurentian University within three years of Plan implementation instead of the four years originally contemplated.
The Amended Plan also includes amendments previously agreed with LUFA and announced publicly, together with administrative edits. A copy of the Amended Plan showing the redlined amendments can be reviewed here, and is posted on the Monitor’s website.
“We are grateful for the effort the Province has made, as it will have the effect of providing all affected creditors with an accelerated payout period under the Amended Plan,” said Jeff Bangs, Chair, Laurentian University Board of Governors.