Tobacco giants would pay out $32.5 billion to provinces, smokers in proposed deal [Yahoo! Finance Canada]
JAPAN TOBACCO UNSP/ADR (JAPAY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance Canada
The companies — JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. — filed a proposed plan of arrangement in an Ontario court today after more than five years of negotiations with their creditors. The companies sought creditor protection in Ontario in early 2019 after they lost an appeal in a landmark court battle in Quebec. The Ontario court put all legal proceedings against the companies on hold as they tried to work out a deal with their creditors, which include the plaintiffs in two Quebec class-action lawsuits as well as provincial governments seeking to recover smoking-related health-care costs. Under the proposed plan filed Thursday, provinces and territories would receive payments over time, with roughly $6 billion to be paid out at the time the deal is implemented. The Quebec plaintiffs would file claims for compensation of up to $100,000 each. The proposed plan also includes more than $2.5 billion for smokers in other provinces and ter
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