Imperial: BAT: towards settlement of tobacco litigation in Canada

Imperial Tobacco Canada Limited (ITCAN), a subsidiary of BAT, announces significant progress towards a comprehensive settlement of tobacco litigation in Canada. Under the Companies' Creditors Arrangement Act (CCAA), ITCAN has worked with a mediator to develop a plan of compromise and arrangement submitted to the Ontario Superior Court of Justice. The plan proposes to resolve all tobacco litigation, providing a complete release for ITCAN, BAT and their affiliated entities. This settlement will be financed by existing cash and future sales, while maintaining operational activities. ITCAN and BAT express their support for the proposed framework, hoping for 'a swift conclusion to satisfy all stakeholders'. Copyright (c) 2024 CercleFinance.com. All rights reserved.