TORONTO –
One of three major tobacco companies involved in years of negotiations with creditors says it opposes the proposed multi-billion-dollar settlement announced in the case earlier this month.
JTI-Macdonald Corp. has filed a document with an Ontario court indicating it does not support the proposal due to “critical outstanding issues.”
The document was filed ahead of a hearing scheduled today to set the next step for the proposed plan of arrangement presented on Oct. 17.
The proposal would see the three companies — JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. — pay $24 billion to provinces and territories and more than $4 billion to tens of thousands of Quebec smokers and their heirs.
Before it can be implemented, the proposed plan must be voted on by creditors, which include plaintiffs in two …