Opposition to Settlement Proposal
JTI-Macdonald Corp. opposes the proposed $32.5 billion settlement, citing "critical outstanding issues," ahead of a scheduled hearing to discuss the next steps.
Rothmans, Benson & Hedges also expresses concerns, specifically regarding the unresolved allocation of each company's share of the settlement, although it does not oppose setting a date for the creditors' vote.
Court and Creditor Response
Superior Court Chief Justice approves the motion for creditor representatives to review and vote on the proposal in December, despite JTI-Macdonald's objections.
The proposed settlement, aiming to address smoking-related health costs and compensate affected smokers, requires approval from a majority of creditors and subsequently, the court.