JTI-MACDONALD
August 1st, 2004
BY MONICA DOBIECANADA'S JTI-Macdonald Corp. has filed for bankruptcy protection following a Quebec Superior Court order that the company immediately pay the Quebec provincial government CDN$1.36 billion in taxes owed from alleged smuggling in the 1990's. Under the Companies' Creditors Arrangement Act (CCAA), JTI will not have to hand over money to Quebec's revenue coffers as long as they remain under protection.The tobacco firm said that the order would have wiped out 40% of its Canadian revenues and that it would have led JTI-Macdonald into bankruptcy without ...
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