Reuters: Bankruptcy News: Sino-Forest to file for creditor protection

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Sino-Forest to file for creditor protection Mar 30th 2012, 16:28 March 30 | Fri Mar 30, 2012 12:28pm EDT March 30 (Reuters) - Embattled Chinese forestry company Sino-Forest Corp said on Friday it would seek creditor protection after reaching an agreement with its noteholders. The company said it would ask the Ontario Superior Court of Justice to approve an agreement that would provide for either the sale of the company to a third party, or restructuring, under which the noteholders would acquire nearly all of its assets. Shares of the company have been halted since August, following short-sellers' allegations that it had exaggerated the size of its forestry assets in China.

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