An Ontario court approved a historic settlement of $ 32.5 billion which will see three large tobacco companies will compensate the provinces, territories and ex-smokers in Canada.
In a decision published today, the chief judge of the Ontario Superior Court, Geoffrey Morawetz, described the approval of “capital realization in the history of Canadian restructuring”.
The regulations were proposed for the first time in October after years of mediation between companies – JTI -MACDONALD Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. – and their creditors, who include complainants in two Quebec collective appeals as well as provincial and territorial governments.
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He was approved unanimously by the creditors in December and faced his last obstacle – the approval of the court – over several days of audiences that started at the end of last month.
The plan calls on companies to pay more than $ 24 billion in the provinces and territories over about two decades, while complainants in two collective appeals in Quebec will receive more than $ 4 billion to divide together.
$ 2.5 billion additional dollars will compensate for Canadian smokers who are not included in prosecution, and more than a billion dollars will go to a foundation to combat tobacco -related diseases. The money from the Foundation also includes $ 131 million drawn from the amount allocated to the applicants of Quebec.
& Copy 2025 the Canadian press