Sino-Forest receives court approval for vote on plan of reorganization

New York, Sept. 5 - Sino-Forest Corp. said it received approval from the Ontario Superior Court of Justice to hold a meeting of creditors to vote on its plan of compromise and reorganization.

Approval was received on Tuesday.

An information circular will be mailed within 20 days of the court order and the meeting will be held within 30 days of the date the circular is mailed.

Sino-Forest needs the votes of a majority by number of affected creditors and two-thirds by value of the claims voting.

On Aug. 14, Sino-Forest said it filed a plan with the court based on an agreement with an informal committee of noteholders. Under the plan, Sino-Forest will transfer substantially all of its assets to a newly formed entity to be owned by affected creditors.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.