Philip Morris International (NYSE:PM)
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6 Months : From Jan 2019 to Jul 2019
By Josh Beckerman
Rothmans, Benson & Hedges Inc. (RBH.YY), a Canadian unit of Philip Morris International Inc. (PM), has been granted protection under the Companies' Creditors Arrangement Act.
The company said an initial court order "imposes a comprehensive stay of litigation proceedings against RBH while allowing the company to carry on its business in the ordinary course." The company is authorized to pay employees, vendors and suppliers.
"The CCAA forum provides RBH with a promising opportunity to resolve all the pending litigation we have faced for decades in Canada," the company said.
Earlier this month, Philip Morris International reduced its profit outlook for the year after tobacco companies lost a major legal appeal in Canada on March 1.
Last week, British American Tobacco PLC (BATS.LN) unit Imperial Tobacco Canada Ltd. started CCAA proceedings and also filed for chapter 15 protection in the U.S.
Write to Josh Beckerman at email@example.com
(END) Dow Jones Newswires
March 22, 2019 19:00 ET (23:00 GMT)
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