TORONTO — An Ontario judge says any outstanding issues regarding a proposed $32.5 billion settlement between three major tobacco companies and their creditors should be solvable in the coming months.
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.
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. He pointed to"outstanding issues" between the companies regarding their respective shares of the total payout, as well as debate over the creditor status of one of JTI-Macdonald's affiliate companies.
While JTI-Macdonald said its concerns have not been addressed, the company's lawyer"acknowledged that the issues were solvable," Morawetz wrote."There are a number of outstanding issues as between the parties, but there are no issues that, in my view, cannot be solved," he said.
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