Imperial Tobacco Canada to protect itself from its creditors

Imperial Tobacco Canada se place à l’abri de ses créanciers

Photo: Thierry Zoccolan Agence France-Presse
Imperial Tobacco Canada had been condemned by the Court of appeal of quebec on march 1, to pay a share of the $ 17 billion in damages to victims of smoking.

A second giant tobacco canada, was placed under the protection of the Act creditors arrangement companies.

After JTI MacDonald last week, it was the turn of Imperial Tobacco Canada to obtain this provision. The company made the announcement Tuesday night by way of press release.

Imperial Tobacco Canada had been condemned by the Court of appeal of Quebec on march 1, to pay a share of the $ 17 billion in damages to victims of smoking — a decision suspended a week later by an order of the superior Court of ontario.

The protection obtained by Imperial Tobacco Canada will continue to pay its employees, its suppliers and its taxes. Its activities continuront normally while the company will try ” to resolve all disputes related to tobacco in Canada in a process that is efficient and supervised by the court “.

According to the press release of the cigarette manufacturer, the fact that its competitor JTI MacDonald is placed under the protection of the Act creditors arrangement companies do not let the choice to claim this measure. “If Imperial Tobacco Canada had not also obtained the protection of the court, it could be required to pay all or part of the share in JTI-Macdonald the sum awarded under the judgment rendered in Québec, in addition to its own “, one can read in the document.

Imperial Tobacco Canada will be subject to a maximum fine of $ 9.2 billion. She is said to have already set aside the sum of 758 million.

Manufacturers, Imperial Tobacco Canada, JTI MacDonald and Rothmans, Benson and Hedges had been convicted in June 2015 to compensate to the tune of $ 15 billion nearly 100,000 smokers and ex-smokers with cancer of the lung, larynx or throat, as well as those with emphysema.

Imperial Tobacco Canada is selling the products Du Maurier, John Player, Marlboro, Pall Mall and Viceroy, in particular.

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