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Industry NewsPhilip Morris Canadian unit granted creditor protection

Philip Morris Canadian unit granted creditor protection

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Philip Morris International said its Canadian unit, Rothmans, Benson & Hedges Inc. (RBH) was granted creditor protection.

The move includes an initial order to stay proceedings in a Quebec class action suit and other pending litigation, including those brought by all 10 Canadian provinces tied to the recovery of health-care costs, the company said.

Some, such as the Canadian Cancer Society, have criticized the creditor protection calling it an attempt to avoid making payments.

A BNN Bloomberg story notes that Canada’s three most-populate provinces alone have signaled combined claims of more than $500 billion.

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