MONTREAL, Oct. 17, 2024 /CNW/ - Imperial Tobacco Canada today issued the following statement regarding its ongoing Companies' Creditors Arrangement Act ("CCAA") proceedings and the court-appointed mediator's and monitor's plan of compromise and arrangement, which was filed in the Ontario Superior Court of Justice.
Eric Gagnon, Vice President, Corporate and Regulatory Affairs for Imperial Tobacco Canada stated, "Today marks an important step towards a potential settlement. Since filing for CCAA protection in 2019, Imperial Tobacco Canada has been working in good faith under the direction of the mediator to resolve all tobacco litigation in Canada."
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. It also allows the Canadian tobacco companies to continue operating as a going concern for the benefit of all stakeholders.
"Imperial Tobacco Canada is supportive of the settlement framework and structure in the mediator's and monitor's plan of arrangement and the progress that has been made, and we remain hopeful that a comprehensive settlement can be achieved quickly. We look forward to working towards a final agreement that is in the best interests of all stakeholders, including the claimants, and bringing this process to a successful conclusion." added Mr. Gagnon.
Companies' Creditors Arrangement Act
CCAA is the Companies' Creditors Arrangement Act, and it refers to the Canadian Federal Act that allows corporations the opportunity to restructure their affairs. An organization that files for court protection under CCAA continues to operate and maintain business that is "in the ordinary course" or business as usual.
FTI Consulting Canada Inc. is serving as the Court-appointed Monitor of Imperial Tobacco Canada. Additional information regarding Imperial Tobacco Canada's CCAA proceedings will be available on the Monitor's website at http://cfcanada.fticonsulting.com/imperialtobacco.
About Imperial Tobacco Canada
Imperial Tobacco Canada is Canada's leading tobacco and nicotine products company and is part of the world's most international tobacco group: BAT. At BAT, our purpose is to create A Better Tomorrow™ by Building a Smokeless World.
Our vision is for A Smokeless World built on smokeless products where, ultimately, cigarettes have become a thing of the past. A world where smokers have migrated from cigarettes to smokeless alternatives. A world where smokers make a Switch to Better.
SOURCE Imperial Tobacco Canada
For more information or interview requests, please contact: Mary Moniz, Torchia Communications, 647-278-0152, [email protected]; Dalia Esposito, Torchia Communications, 514-654-2635, [email protected]
Share this article