The University of Winnipeg must pay $8.8 million to a large number of currently retired employees. They agreed to share a surplus in 1999, but the surplus was wiped out in the market crash after 9/11. The courts have ruled that uWinnipeg still has to pay those retirees.
To do this, uWinnipeg is taking out a 40-year loan that will end up costing $24 million once its paid off. Read the story.