(RTTNews) – British American Tobacco’s Canadian subsidiary, ITCAN, said the filing of the court-appointed mediator’s and monitor’s plan of compromise and arrangement in the Ontario Superior Court of Justice marks an important step towards a potential settlement of its outstanding tobacco litigation. In March 2019, Imperial Tobacco Canada obtained creditor protection under the Canadian Companies’ Creditors Arrangement Act.
“The plan resolves all Canadian tobacco litigation and provides a full and comprehensive release to Imperial, BAT and all related entities for all tobacco claims. This settlement will be funded by the cash on hand and the cash generated from the future sale of tobacco products in Canada while at the same time maximizing recovery for the creditors,” ITCAN, stated.
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Source : Nasdaq