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Article: Philip Morris Suit May Hurt W.Va. Investments
- Article from:
- The State Journal
- Article date:
- April 4, 2003
- Author:
CopyrightCopyright State Journal Corporation Apr 04, 2003. Provided by ProQuest LLC. (Hide copyright information)
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Cigarette giant Philip Morris USA may be threatening bankruptcy if an Illinois court forces the company to post $12 billion before appealing a civil verdict.
If the company does declare bankruptcy, it could affect West Virginia and the rest of the 46 states receiving periodic payments from the national tobacco settlement fund. And because Philip Morris's parent company, now called the Altria Group Inc., saw its credit rating lowered in light of the bankruptcy scare, some of West Virginia's investments may be affected.
Altria, the new name for the Philip Morris Companies Inc., also owns Kraft Foods Inc.
State Invests in Altria, Kraft
Craig Slaughter, executive director of the West Virginia ...