Reuters: Bankruptcy News: Sino-Forest's restructuring plan gets court nod

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Sino-Forest's restructuring plan gets court nod Dec 11th 2012, 13:37 Tue Dec 11, 2012 8:37am EST Dec 11 (Reuters) - Insolvent Chinese forestry company Sino-Forest Corp, which has been accused by regulators and investors of fraud, said on Monday that the Ontario Superior Court of Justice approved its reorganization plan. Under the plan, Sino-Forest will transfer most of its assets to a newly formed entity that will be owned by its affected creditors. The company said it intends to implement the plan not later than Jan. 15. Sino-Forest is the most prominent in a series of North American-listed companies with Chinese operations whose accounting or disclosure practices came under suspicion last year. The company filed for bankruptcy protection in April after a short-seller accused it of exaggerating the size of its forestry assets. Sino-Forest, which has been de-listed from the Toronto Stock Exchange, has been attempting to sell assets to pay off debtholders.

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