Tobacco company opposes proposed $32.5B settlement with provinces, smokers: court doc [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. TORONTO — One of three major tobacco companies involved in years of negotiations with creditors says it opposes the proposed multi-billion-dollar settlement announced in the case earlier this month. JTI-Macdonald Corp. has filed a document with an Ontario court indicating it does not support the proposal due to “critical outstanding issues.” The document was filed ahead of a hearing scheduled today to set the next step for the proposed plan of arrangement presented on Oct. 17. The proposal would see the three companies — JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. — pay $24 billion to provinces and territories and more than $4 billion to tens of thousands of Quebec smokers and their heirs. Before it can be implemented, the proposed plan must be voted on by creditors, which include plaintiffs in two class-action lawsuits in Quebec as well as provi
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