Laurentian University certainly must continue its process. I find that process appalling, as it is not normal for a university, a public institution, to end up having to use the Companies' Creditors Arrangement Act. That makes no sense, as the biggest creditor is the provincial government. It makes no sense to decide to give up on a university.
This is not the first time that has happened, as you know. You are a member from Quebec, as am I. In our beautiful city of Montreal, the infamous Îlot Voyageur project nearly bankrupted the Université du Québec à Montréal, UQAM. At the time, the Government of Quebec decided to cover the cost instead of ensuring that UQAM would end up in court.
Of course, $5 million is a start. It goes without saying that the money is meant to help the community get organized.