LONDON (dpa-AFX) - Imperial Tobacco Canada Ltd. or ITCAN, a subsidiary of British American Tobacco Plc. or BAT, announced on Friday that it obtained creditor protection under the Canadian Companies' Creditors Arrangement Act or CCAA.
ITCAN said the Ontario Superior Court of Justice has sanctioned the court-appointed Mediator's and Monitor's Plan of Compromise and Arrangement.
Under the mediation, ITCAN expects a settlement of its outstanding tobacco litigation in Canada and emerge from CCAA protection that would help run its business in the normal course.
This settlement will be funded by ITCAN's cash on hand and the profits generated from the future sale of tobacco products in Canada.
Further, the Group said the settlement does not impact its 2025 guidance, including around 1 percent revenue growth, 1.5-2.5 percent adjusted profit from operations growth or commitment to deliver a sustainable share buy-back including the 900 million pound in 2025.
In the pre-market trading, British American Tobacco is 0.45% less at $39.98 on the Nasdaq.
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