Philip Morris International Inc.’s Canadian Subsidiary, Rothmans, Benson & Hedges Inc., Granted CCAA Protection; Represents Opportunity to Resolve All Outstanding Canadian Tobacco Litigation

Regulatory News: Today, Philip Morris International Inc. (PMI) was informed by its Canadian subsidiary, Rothmans, Benson & Hedges Inc. (RBH) that RBH had obtained an initial order from the Ontario Superior Court of Justice granting it protection under the Companies’ Creditors Arrangement Act (CCAA). RBH announced that obtaining creditor protection became necessary following recent developments in two Class Action proceedings in Québec against RBH, Imperial Tobacco Canada Limited, and JTI-Macdonald Corp. (see “The Class Actions & Other Pending Litigation” below for details). Key Elements and Impact of RBH’s Decision to File for Creditor Protection The initial order includes a comprehensive ...

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