Mar. 27, 2020 - There is abundant information circulating about the extreme financial toll that the COVID-19 pandemic is expected to take on businesses across the globe. Here we address what creditors and debtors can do now to manage risk and preserve their value through this crisis. What Creditors Can...
Imperial Tobacco Canada Obtains Creditor Protection
Davies is acting for FTI Consulting Canada Inc. in its capacity as court-appointed monitor of Imperial Tobacco Canada Limited and its affiliated corporation, Imperial Tobacco Company Limited, in proceedings under the Companies' Creditors Arrangement Act and Chapter 15 of the U.S. Bankruptcy Code.
Imperial filed for protection amidst ongoing litigation claims across Canada, including a Québec Court of Appeal judgment holding the industry liable to pay a maximum of $13.6 billion in damages to Québec class action plaintiffs. The protection will allow the company to operate in the normal course while it seeks to resolve the billions of dollars’ worth of tobacco-related claims it is currently facing, including numerous class actions in various provinces and provincial government health care cost recovery actions.
Jan. 28, 2020 - The Supreme Court of Canada’s decision in 9354-9186 Québec Inc. v Callidus Capital Corporation unanimously overturned a unanimous decision of the Québec Court of Appeal. The Supreme Court’s decision, released on January 23, 2020, was issued from the bench with reasons to follow. The...