Philip Morris says Canadian unit RBH granted creditor protection

(Reuters) - Philip Morris International Inc on Friday said its Canadian unit, Rothmans, Benson & Hedges Inc (RBH), was granted creditor protection, following a tobacco class action ruling in Quebec earlier this month.

Reuters March 23, 2019 07:05:08 IST
Philip Morris says Canadian unit RBH granted creditor protection

Philip Morris says Canadian unit RBH granted creditor protection

(Reuters) - Philip Morris International Inc on Friday said its Canadian unit, Rothmans, Benson & Hedges Inc (RBH), was granted creditor protection, following a tobacco class action ruling in Quebec earlier this month.

The company said it would deconsolidate RBH from its financial statements, and it cut its full-year 2019 diluted earnings per share forecast to at least $4.90 at prevailing exchange rates, from at least $5.28 in the forecast it made on March 4, shortly after the ruling in Quebec.

The Court of Appeal of Quebec upheld the bulk of a 2015 decision that awarded around C$15 billion to smokers in the Canadian province, a blow to several big tobacco companies, including RBH.

(Reporting by Shubham Kalia in Bengaluru; Editing by Leslie Adler)

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