Reuters: Bankruptcy News: Sino-Forest files for reorganization plan

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Sino-Forest files for reorganization plan Aug 14th 2012, 15:28 Tue Aug 14, 2012 11:28am EDT Aug 14 (Reuters) - Insolvent Chinese forestry company Sino-Forest Corp said it filed a reorganization plan in an Ontario court that would allow its creditors to acquire its forestry assets. Sino-Forest filed for bankruptcy protection in April after a short-seller accused it of exaggerating the size of its forestry assets, sending its shares plummeting. The company said on Tuesday it plans to seek an order for a meeting of creditors in either late September or early October. It plans to complete the restructuring not later than Nov. 30, subject to certain approvals, Sino-Forest said in a statement. The company filed the plan with the Ontario Superior Court of Justice. Sino-Forest said in July that it terminated a proposed asset sale, in favor of a plan that calls for its creditors to acquire all of its forestry assets. Sino-Forest's stock has been halted for months and delisted by the Toronto Stock Exchange.

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