MISSISSAUGA, ON, March 8, 2019 /CNW/ - JTI-Macdonald Corp. was granted protection under the Companies' Creditors Arrangement Act (CCAA) to continue its business activities following the Quebec Court of Appeal's judgment, making the company liable for up to $1.77 billion of the total and shared industry liability of $13.5 billion.
This extraordinary judgment forced JTI-Macdonald Corp. to seek protection under the CCAA to protect 500 Canadian jobs and carry on its business operations with minimal disruption. We fundamentally disagree with the court decision and are taking all necessary and appropriate measures to defend our lawful business.
Since the 1950s, Canadians have had a very high awareness of the health risks of smoking. That awareness has been reinforced by the health warnings printed on every legal cigarette package for 47 years.
The government has closely regulated every facet of the tobacco business for decades. JTI-Macdonald Corp. complies with all Canadian and Quebec laws and regulations and follows a strict Code of Conduct in the way it does business.
About JTI-Macdonald Corp.Founded in 1858, JTI-Macdonald Corp. employs approximately 500 people. The company has manufacturing facilities in Montreal, administrative offices in Mississauga and sales offices across the country.
SOURCE JTI-Macdonald Corp.
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This extraordinary judgment forced JTI-Macdonald Corp. to seek protection under the CCAA to protect 500 Canadian jobs and carry on its business operations with minimal disruption. We fundamentally disagree with the court decision and are taking all necessary and appropriate measures to defend our lawful business.
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Since the 1950s, Canadians have had a very high awareness of the health risks of smoking. That awareness has been reinforced by the health warnings printed on every legal cigarette package for 47 years.
The government has closely regulated every facet of the tobacco business for decades. JTI-Macdonald Corp. complies with all Canadian and Quebec laws and regulations and follows a strict Code of Conduct in the way it does business.
About JTI-Macdonald Corp.Founded in 1858, JTI-Macdonald Corp. employs approximately 500 people. The company has manufacturing facilities in Montreal, administrative offices in Mississauga and sales offices across the country.
SOURCE JTI-Macdonald Corp.
