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Tobacco company opposes proposed $32.5B settlement with provinces, smokers: court doc

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Justice,National,Ontario/Quebec

One of three major tobacco companies involved in years of negotiations with creditors says it opposes the proposed multi-billion-dollar settlement announced in the case earlier this month.

A smoker puts out a cigarette in a public ash tray in Ottawa on Tuesday, May 31, 2016. THE CANADIAN PRESS/Sean Kilpatrick

The document was filed ahead of a hearing scheduled today to set the next step for the proposed plan of arrangement presented on Oct. 17. Today‘s hearing involves a motion to set a date for the creditors’ vote, which the court document says JTI-Macdonald also opposes. “RBH has not agreed to the proposed plan with the allocation issue unresolved,” the company said in the document.

The proposed settlement comes after more than five years of negotiations as part of a corporate restructuring process that was triggered by a decades-long legal battle.

 

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