Motion approved to have representatives for creditors review and vote on settlement proposal
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.
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. In a written decision released Monday, Morawetz said it was clear that not all issues had been resolved at this stage of the proceedings.
Lawyers representing plaintiffs in two Quebec class actions, those representing smokers in the rest of Canada, and 10 out of 13 provinces and territories have expressed their support for the proposal, the judge wrote in his ruling. The companies sought creditor protection in Ontario in 2019 after Quebec’s top court upheld a landmark ruling ordering them to pay about $15 billion to plaintiffs in two class-action lawsuits.
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