First major tobacco firm in cannabis seeks bankruptcy protection

The Wall St Journal..reports

Pyxus International Inc., one of the world’s largest tobacco suppliers, filed for bankruptcy Monday with a prepackaged strategy in place to cut $400 million in debt and hand control to junior bondholders.

Even before the Covid-19 outbreak, Pyxus was struggling with declining tobacco consumption around the world. But the coronavirus pandemic’s impact on global trade flows hit the Morrisville, N.C.-based company’s supply chain, which relies on tobacco leaf from more than 300,000 farmers in 30 countries.

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