Ontario · CCAA
Application Record of ITCAN and ITCO - Volume 1
Application / notice of application · 12 March 2019
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing1 verified
- unsecured creditorsnote: FLOOR figure: the document states a 'potential maximum amount that, with interest, is over $9 billion' (operative word 'over'). Letourneau and Blais Quebec class actions (court file nos. 500-06-00070-983 and 500-06-000076-80). Contingent litigation/condemnation claim, not an itemized creditor balance. Broader context (not itemized as dollar figures): the Tobacco Litigation - multiple class actions and provincial health-care cost-recovery actions (Schedule A Pending Litigation) - collectively seeks 'hundreds of billions of dollars in damages' (para 12); the Applicants state they are insolvent and lack the financial resources to pay current and contingent liabilities (paras 3, 14); claims against the Applicants stated to exceed $5 million (para 5). This document (Application Record Vol. 1: Notice of Application + Draft Initial Order) contains no balance sheet; the ITCAN audited financial statements are a separate exhibit not present here. · page: 11 · as of: 2019-03-01 · basis: Quebec Court of Appeal judgment dated March 1, 2019 (condemnation of ITCAN); contingent litigation claim recited on the face of the Notice of Application · amount: 9000000000 · debtor: Imperial Tobacco Canada Limited (ITCAN) · creditor: Quebec Class Action plaintiffs (Letourneau and Blais) · currency: CAD