Court File and Parties
COURT FILE NO.: CV-21-656040-00CL DATE: 2021-05-02
SUPERIOR COURT OF JUSTICE - ONTARIO
RE: IN THE MATTER OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED
IN THE MATTER OF A PLAN OF COMPROMISE OR ARRANGEMENT OF LAURENTIAN UNIVERSITY OF SUDBURY
BEFORE: Chief Justice G.B. Morawetz
COUNSEL: D.J. Miller, Mitch W. Grossell, Andrew Hanrahan and Derek Harland, for the Applicant Ashley Taylor, Elizabeth Pillon and Ben Muller, for the Court-appointed Monitor Ernst & Young Inc Vern W. DaRe, for the DIP Lender Susan Philpott, Charles Sinclair and David Sworn, Insolvency Counsel for LUFA Tracey Henry and Danielle Stampley, for Laurentian University Staff Union (LUSU) Aryo Shalviri and Pamela Huff, for the Royal Bank of Canada Andrew Hatnay, Demetrios Yiokaris, Sydney Edmonds and Eugene Meehan, Q.C, for Thorneloe University Dylan Chochla and Stuart Brotman, for the Toronto Dominion Bank André Claude, for the University of Sudbury Donia Hashem, for the Canada Foundation for Innovation Virginie Gauthier, for Lakehead University George Benchetrit, for the Bank of Montreal Joseph Bellissimo and Natalie Levine, for Huntington University Gale Rubenstein and Bradley Wiffen, for the Financial Services Regulatory Authority Sarah Godwin, for the Canadian Association of University Teachers David Salter and Peter J. Osborne, for the Board of Governors Rachel Moses, for Royal Trust Mark G. Baker and Andre Luzhetskyy, for Laurentian University Students’ General Association Michelle Pottruff, for the Ministry of Colleges and Universities Charlotte Servant-L’Heureux, for the Assemblée de la francophonie de l’Ontario Linda Chen, for the Information and Privacy Commissioner of Ontario
HEARD: April 29, 2021
RELEASED: May 2, 2021
Endorsement
[1] Thorneloe University (”Thorneloe”) brings this motion under section 32(2) of the Companies’ Creditors Arrangement Act (“CCAA”) for an order that the following two agreements in the Notice of Disclaimer of Laurentian University of Sudbury (“Laurentian”) dated April 1, 2021 are not to be disclaimed or resiliated:
a. the Federation Agreement between Laurentian and Thorneloe, dated 1962 (the “Federation Agreement”); and,
b. the Financial Distribution Notice between Laurentian and Thorneloe dated May 1, 2019, amending the Proposed Grant Distribution and Services agreement between Laurentian, the University of Sudbury, Thorneloe University, and Huntington University dated November 10, 1993 (the “Financial Distribution Notice”) (collectively, the “Agreements”);
and, for an order amending the Loan Amendment Agreement dated April 20, 2021 (the “DIP Amendment Agreement”), to delete the following condition:
- The Disclaimers of the Borrower’s Federation Agreements and Financial Distribution Notices with each of Huntington University, Thorneloe University and the University of Sudbury (collectively, the “Federated Universities”) issued on April 1, 2021 shall become effective, binding and final on May 1, 2021 (the “New Disclaimer Term”).
[2] This motion was heard via Zoom on April 29, 2021.
[3] The University of Sudbury also brought a motion pursuant to section 32(2) of the CCAA with respect to a Federation Agreement between Laurentian and the University of Sudbury. This motion was heard via Zoom on April 30, 2021 by Gilmore J.
[4] This endorsement is being released concurrently with the endorsement of Gilmore J.
[5] For reasons to follow, Thorneloe’s motion is dismissed.
Chief Justice G.B. Morawetz
Date: May 2, 2021