PMI said its deconsolidated Canadian affiliate, Rothmans, Benson & Hedges Inc. (RBH), was informed by the court-appointed mediator and monitor in RBH's CCAA proceeding that they had filed a proposed plan of compromise and arrangement setting out the terms of a comprehensive resolution of tobacco product-related claims and litigation in Canada.

8-KOther EventsFiled Oct 18, 2024Period of report Oct 18, 2024Summary published (UTC) Oct 25, 2026

Key points

AI summary

PMI said its deconsolidated Canadian affiliate, Rothmans, Benson & Hedges Inc. (RBH), was informed by the court-appointed mediator and monitor in RBH's CCAA proceeding that they had filed a proposed plan of compromise and arrangement setting out the terms of a comprehensive resolution of tobacco product-related claims and litigation in Canada.
The company said the proposed plan remains subject to further negotiation, voting by claimants, and approval by the CCAA court. Under the schedule proposed by the court-appointed mediator and monitors, voting would take place in December 2024, and if claimants accept the plan, a hearing on approval is expected in the first half of 2025.
The company said the carrying value of PMI's investment in RBH is in line with the fair value of $3.28 billion determined at the date of deconsolidation, subject only to adjustments for foreign currency exchange rates. It also said developments related to the proposed plan may have a material adverse impact on the fair value of the investment and could result in non-cash impairment charges that could be material.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call. Some paragraphs were omitted because their support in the source could not be confirmed.

PMI Files Proposed CCAA Plan for Canadian Tobacco Claims

PMI said its deconsolidated Canadian affiliate, Rothmans, Benson & Hedges Inc. (RBH), was informed by the court-appointed mediator and monitor in RBH's CCAA proceeding that they had filed a proposed plan of compromise and arrangement setting out the terms of a comprehensive resolution of tobacco product-related claims and litigation in Canada.

Source · Based on the filing body and exhibits

Voting Schedule and Approval Requirements

The company said the proposed plan remains subject to further negotiation, voting by claimants, and approval by the CCAA court. Under the schedule proposed by the court-appointed mediator and monitors, voting would take place in December 2024, and if claimants accept the plan, a hearing on approval is expected in the first half of 2025.

Source · Based on the filing body and exhibits

RBH Investment Carrying Value and Impairment Risk

The company said the carrying value of PMI's investment in RBH is in line with the fair value of $3.28 billion determined at the date of deconsolidation, subject only to adjustments for foreign currency exchange rates. It also said developments related to the proposed plan may have a material adverse impact on the fair value of the investment and could result in non-cash impairment charges that could be material.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

Unauthorized scraping, data storage and database creation prohibited

Without prior written consent, you must not crawl or scrape data compiled and organized by Chickstock or its analysis and summaries, or collect them repeatedly or in bulk for storage, ingestion or database creation. Repurposing, redistribution, sale and use to build other services are also prohibited.

Unauthorized use may result in access restrictions, demands to stop infringement and delete copies, and claims for damages. Violations of applicable law may also give rise to criminal liability.

Uses permitted by law, the Terms of Service or a separate agreement remain subject to their respective scope. Rights in individual source materials, including original filings, remain with their respective rights holders.