Philip Morris received a reprieve as the bond they must pay in order to appeal against a “light cigarette” lawsuit was halved from $12bn to $6bn by an Illinois judge.
Philip Morris, the maker of Marlboro cigarettes, who were facing bankruptcy had the amount stood, has agreed not to push politicians for a reform of regulations to cap any future bond payments.

Scottish and Newcastle has reported that its in negotiations to acquire full control of Portuguese beer and distribution company Central de Cervejas.
S&N already own 49% of Central de Cervejas and could pay close to £100m funded through debt to acquire full control.

Creditors of US Retailer Kmart have scuppered plans for a simple end to its emergence from bankruptcy.
One of the creditors has requested that $250m previously paid out to ‘critical vendors’ should be refunded, after the decision to allow the repayments last January was ruled out of order. The hearing continues in its attempt to agree a reorganisation plan for the company.