British American Tobacco (BTI) said Friday that a plan of compromise and arrangement to settle the litigation against its Imperial Tobacco Canada unit has been filed with the Ontario Superior Court of Justice.
The company said its unit has been negotiating the resolution under a confidential, court-supervised mediation process.
According to British American Tobacco, the plan "resolves all Canadian tobacco litigation and provides a full and comprehensive release" to all entities involved in the tobacco claims.
British American Tobacco said the proposed settlement will be funded by existing cash and cash from future sales of tobacco products in Canada, while maximizing recovery for the creditors.
The company did not disclose further details.
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