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.
The Davies team working on the restructuring is being led by Jay Swartz, Robin Schwill, and Natasha MacParland.
2023 Business Insolvencies in Canada
Mar. 05, 2024 - As we predicted in earlier issues of Davies Insolvency Now, the year 2023 reflected the anticipated increase in business insolvency activity. In this issue, we perform a comparative review of business insolvencies from 2023, examine the fluctuating volume and decreasing asset values, look...
Business Insolvency on the Rise in Canada: Understanding the Role of AI
Oct. 12, 2023 - The first half of 2023 saw a significant increase in business insolvencies as economic sectors responded to uncertain financial conditions in Canada and around the world. In this issue of Davies Insolvency Now, we examine the impact of this rolling recession by sector and region. We...
