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Laurentian U hires Deloitte to oversee transformation plan

Financial services firm has expertise in transformational restructuring
Laurentian University in Sudbury (Supplied photo/Laurentian University)

Deloitte has been chosen to help Laurentian University get back on track after the school declared insolvency more than two years ago.

The financial services firm, which has offices in eastern and southern Ontario, specializes in audit, consulting, financial advisory, risk advisory, tax and legal services.

In a May 1 news release, the Sudbury university announced it had hired the firm to “support the university’s operational transformation,” after undertaking a selection process that began last November.

“We are pleased to be able to make this announcement as it signals an important milestone in the university’s renewal,” Sheila Embleton, Laurentian’s interim president and vice-chancellor, said in the release.

“Choosing the right partner to support the university through this process is key to ensuring a successful transformation.”

The multi-step process will start with the creation of a transformation plan, which is a requirement of the court-approved Amended Plan of Compromise and Arrangement.

It will take into account recommendations provided by Ontario’s Auditor General, the Nous report, and suggestions generated within the Laurentian University, the school said.

The plan will include the overall goals of the transformation, priorities, deliverables, sequencing of projects, a timeline for implementation, and required resources.

Laurentian said the work would begin immediately and is slated to be completed by the fall of 2023.

Laurentian University filed for insolvency in February 2021, and emerged from creditor protection last November.