Ontario · CCAA
(i) abridging the time for and validating the service and filing of this Notice of Application and the Application Record so that this Application is properly returnable on the return date and dispensing with further service thereof; (ii) declaring that RBH is a company to which the CCAA applies and granting RBH the authority to file a plan of compromise or arrangement; (iii) authorizing RBH to pay certain expenses incurred prior to, on or after the date of the Initial Order and to continue on and after the date of the Initial Order to enter into Intercompany Transactions, including buying and selling goods from members of the PMI Group, in the ordinary course of business on terms consistent with existing arrangements or past practice or as otherwise approved by the Monitor (as defined below); (iv) authorizing RBH to post and to continue to have posted the Bonding Collateral and staying requests by government authorities for additional security; (v) staying the commencement or continuation of any Proceeding, including the Pending Litigation and any other Proceeding in relation to a Tobacco Claim, against or in respect of RBH or the Monitor, or affecting the Business or the Property or the funds deposited pursuant to the Deposit Posting Order, except with the written consent of RBH and the Monitor, or with leave of this Court; (vi) staying Proceedings in Canada that relate in any way to a Tobacco Claim or to RBH, the Business or the Property, against or in respect of any member of the PMI Group, except with the written consent of RBH and the Monitor, or with leave of this Court; (vii) authorizing RBH to serve and file an application for leave to appeal the Quebec Appellate Decision to the Supreme Court of Canada, but directing that neither RBH nor any other Person shall take any further step or proceeding in respect of such application without further order of the Court; (viii) appointing Ernst & Young Inc. (the “Proposed Monitor” and, if appointed, the “Monitor”) as officer of this Court to monitor the business and affairs of RBH; (ix) granting priority Charges as described in the proposed Initial Order; and (x) granting such further and other relief as this Court deems just
Application / notice of application · 22 March 2019
A plain-language read of this filing opens with a subscription.
What we verified from this filing2 verified
- financial positionnote: Document states at para 176/p.73: 'RBH does not have any secured debt.' Realizable value of assets is stated to be unlikely to exceed and likely less than the $2.3 billion book value given industry conditions and CCAA filings of co-defendants JTIM and ITCAN. · page: 58 · as at: 2018-12-31 · basis: book value per 2018 (unaudited) Financial Statements of RBH; liabilities figure is stated as being 'prior to the release of the Quebec Appellate Decision' and expressly excludes the $257 million deposit obligation, RBH's contingent liability for the remainder of the $13.529 billion Global Damages Award, contingent liability from Other Pending Litigation, and realization costs (severance, contract breach damages) · scope: entity-level (Rothmans, Benson & Hedges Inc. only; excludes subsidiary Rothmans Inc., which has total assets of $1) · currency: CAD · total assets: 2300000000 · total liabilities: 338000000
- secured creditors