Sino-Forest plan wins court approval; to be implemented by Jan. 15

By Caroline Salls

Pittsburgh, Dec. 11 - Sino-Forest Corp.'s plan of compromise and reorganization has been approved by the Ontario Superior Court of Justice, according to a company news release.

Under the plan, which was filed under the Companies' Creditors Arrangement Act (Canada) and the Canada Business Corporations Act, the company will transfer substantially all of its assets to a newly formed entity to be owned by Sino-Forest's affected creditors.

If remaining conditions are satisfied or waived, Sino-Forest said the plan would be implemented by Jan. 15.

Toronto-based Sino-Forest is a commercial forest plantation operator in China.

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