Ernst and Young in court this week seeking to have their fees approved for payment
Ernst and Young, the court-appointed monitor of Laurentian University, will motion tomorrow, Oct. 12, for approval of their fees associated with the CCAA proceedings. With taxes, that amount totals $5,345,655.51.
Laurentian University has been undergoing court-supervised restructuring under the Companies’ Creditors Arrangement Act since Feb. 1, 2021. In September, the university’s creditors narrowly approved the plan of arrangement, a blueprint for Laurentian's pay back plan. Most creditors are expected to receive only a small portion of what they’re owed over the next three years. This motion, filed Oct.
The work in question was performed from Jan. 1 to July 1 and include the monitor’s invoices in the amount of $2,294,720.00 ; the EY FAAS invoices related to the accounting assistance, totalling $438,448.50 ; and Stikeman and Elliot’s accounts of $1,991,905.95 and disbursements of $5,630.92 . Ernst and Young were appointed as monitor as part of the Initial Order, filed Feb. 1, 2021.
“As a result of the complexity, lack of internal resources at LU and high-profile nature of the CCAA proceeding, the Monitor's more intensive involvement with numerous aspects of the CCAA proceeding has been required,” the documents read. This is the reasoning behind the request for assistance from the Ernst and Young LLP professionals to perform duties in support of the monitor.
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