Philip Morris Awaits Illinois Bond Appeal
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The Illinois Senate adjourned until Tuesday without reconsidering a bill to reduce a $12-billion bond that Philip Morris USA was ordered to post to appeal a state court ruling.
The cigarette maker, a unit of Altria Group Inc., has said it can’t afford to pay the bond, due April 21, and that it could be forced to file for bankruptcy protection and default on a $2.5-billion payment due in five days to states under a 1998 settlement.
Illinois Judge Nicholas Byron, who ordered the bond in a $10.1-billion verdict last month, is scheduled to hold a hearing today on Philip Morris’ appeal.
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