University will take until 2038 to pay off $35M loan on funds borrowed during insolvency
A long-term borrowing agreement between Laurentian University and the provincial government to replace $35 million in bridge loans taken out by LU during its insolvency was approved by the courts Nov. 1.
“Laurentian is working towards the various conditions under the plan ,” said Laurentian’s insolvency counsel, D.J. Miller. As previously reported, the loan agreement would see Laurentian repaying what it owes by April 30, 2038, in annual payments of principal and interest, at an annual rate of interest equal of 6.106 per cent.
The amortization schedule would see Laurentian repaying $591,693 on the principal and $884,115 in interest as of April 30, 2023. You can view the full amortization schedule on page 80 of this court document. Also at the Nov. 1 court date, the discharge of a grievance resolution officer which was appointed to resolve outstanding union grievances was approved.
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