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.
In a report filed April 26, the monitor for the proceedings said the additional financing should give Laurentian “sufficient liquidity” to fund its operations until Aug. 31. More than 2,900 undergraduate students were registered as of last Monday, and roughly 470 graduate students had signed up for at least one course, it said.Laurentian has been under creditor protection since Feb. 1. The school’s president, Robert Hache, has said the institution became insolvent after a decade of financial strain from a variety of issues such as the region’s declining population.