Published Monday, May 3, 2021 3:05PM EDT An Ontario court has extended an order allowing a struggling northern Ontario university to continue to operate while protected from its creditors. A stay of legal proceedings against Laurentian University set to expire Sunday evening has been prolonged to Aug. 31 as the school undergoes restructuring. In a handful of rulings issued over the weekend, the Ontario Superior Court also agreed to let Laurentian cut ties with three federated universities as part of the school s efforts to gain financial stability. Those universities the University of Sudbury, Thorneloe University and Huntington University can t access provincial funding directly, and instead receive money from Laurentian according to a funding formula in exchange for delivering programs and services.
WINNIPEG, Manitoba, May 03, 2021 (GLOBE NEWSWIRE)
Arctic Glacier Income Fund (CSE: AG.UN) (the “Fund”) is providing a default status report, in accordance with the alternative information guidelines set out in National Policy 12-203
Cease Trade Orders for Continuous Disclosure Defaults (“National Policy 12-203”).
On August 15, 2012, the Fund announced (the “Default Announcement”) that it would not be able to file an interim financial report and interim management’s discussion and analysis for the period ended June 30, 2012, together with the related certification of filings under National Instrument 52-109
Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Continuous Disclosure Documents”) by August 29, 2012, the deadline prescribed by securities legislation (the “Specified Requirement”).
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The president of Laurentian is promising more transparency and consultation with a wider range of affected parties as the school moves into the next stage of its restructuring.
“I am pleased to say that the next phase of the CCAA (Companies’ Creditors Arrangement Act) process will allow for an increase in engagement with a wider variety of stakeholders as well as increased opportunities for communication at every stage,” said Robert Hache in a statement on Monday, after the court approved Laurentian’s plan to terminate its agreement with the federated universities and gave it another three months to work on its reboot.
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