Millions in debt and facing huge COVID losses, Laurentian University seeks help from external financial advisors

Laurentian University Sign (File)

Sudbury — Facing a structural deficit of $7 million, and as much as $10 million in losses from the effects of COVID-19, Laurentian University has hired financial advisors to help them find a way forward.

"These have been challenging times for Laurentian University," the school said in a news release Thursday. "We have worked hard as a community to address the financial challenges brought on by the global COVID-19 pandemic and our pre-existing structural deficit."

The school said it has partnered with "our community, government and our labour partners to find solutions for our $7 million structural deficit as well as the estimated $5 million to $10 million impact of the pandemic to date."

Laurentian has hired Ernst & Young to help them complete a review of detailed financial results, budgets and various initiatives to help identify and analyze any additional opportunities for cost savings or improvement.

"We continue to provide our students with an exceptional University experience and maintain Laurentian as a leading university in Ontario’s north," the release said.