Proposed $32.5B tobacco deal not 'doomed to fail,' judge says in ruling [Yahoo! Finance Canada]
JAPAN TOBACCO UNSP/ADR (JAPAY)
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Source: Yahoo! Finance Canada
Ontario Superior Court Chief Justice Geoffrey Morawetz has released his reasons for approving a motion last week to have representatives for creditors review and vote on the proposal in December. One of the companies, JTI-Macdonald Corp., said last week it objects to the plan in its current form and asked the court to postpone scheduling the vote until several issues were resolved. The other two companies, Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd., didn't oppose the motion but said they retained the right to contest the proposed plan down the line. The proposal announced last month includes $24 billion for provinces and territories seeking to recover smoking-related health-care costs and about $6 billion for smokers across Canada and their loved ones. If the proposed deal is accepted by a majority of creditors, it will then move on to the next step: a hearing to obtain the approval of the court, tentatively scheduled for early next year. In a written decisi
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