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CANADA

BAT files for CCAA

13 Mar 2019. British American Tobacco’s Canadian unit Imperial Tobacco (ITCAN) has obtained an Initial Order from the Ontario Superior Court of Justice granting it protection under the Companies' Creditors Arrangement Act ("CCAA"). As a result, all ongoing tobacco litigation in Canada against ITCAN and other Group companies will remain suspended, according to a company statement.

A British American Tobacco spokesperson was quoted as saying: "Imperial Tobacco Canada has informed us that it disagrees with the Court's judgment. However, we understand that CCAA protection will provide Imperial Tobacco Canada an opportunity to settle all of its outstanding tobacco litigation under an efficient and court supervised process whilst continuing to run its business in the normal course."

Following the upholding of the Quebec Superior Court's judgment on 1 March 2019, ITCAN's share of the judgment is a maximum of approximately CAD 9.2 billion (EUR 6.09 billion), the report said.