OTCPK:TOUBF - Post by User
Post by
Corrigan1on Mar 30, 2012 12:01pm
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Post# 19738882
Sino-Forest to file for bankruptcy protection
Sino-Forest to file for bankruptcy protection Tara Perkins and Andy Hoffman
Sino-Forest Corp., the embattled timber firm facing fraud allegations will file for protection from creditors Friday, according to sources familiar with the matter.
Based in Ontario and headquartered in Hong Kong, Sino-Forest was once the largest publicly traded forestry firm on the TSX with a market valuation of more than $6-billion.
The company was facing a March 31st deadline to come up with a restructuring plan for its bondholders who had gained effective control of the company.
An inability to produce financial results had pushed Sino-Forest into default with its creditors and it has now been decided that a