Sino-Forest Creditors Approve Plan Of Compromise And Reorganization
TORONTO, Dec. 3, 2012 /PRNewswire/ - Sino-Forest Corporation ("Sino-Forest" or the "Company") announced that at a meeting of its creditors held today, the creditors voted on and approved, by the required majorities, the Plan of Compromise and Reorganization of Sino-Forest pursuant to the Companies' Creditors Arrangement Act ( Canada) and the Canada Business Corporations Act dated December 3, 2012 (the "Plan"). The Plan was approved at the meeting by 99% of the number of affected creditors who voted on the Plan and by over 99% in value of the proven claims held by affected creditors who voted on the Plan.
The Company intends to seek an order of the Ontario Superior Court of Justice (the "Court") sanctioning and approving the Plan at a hearing scheduled to take place on December 7, 2012 and December 10, 2012 at 10:00 a.m. ( Toronto time) at the Court at 330 University Avenue, Toronto, Ontario, Canada. As a result of certain amendments to the Plan announced by the Company earlier today, the noteholders of Sino-Forest, Ernst & Young LLP and certain underwriters of Sino-Forest voted in favour of the Plan at the meeting of creditors held today.
Implementation of the Plan is subject to the approval of the Court and to numerous other conditions precedent, including the receipt of any necessary regulatory approvals. If the conditions precedent are satisfied or waived within the time frames anticipated, Sino-Forest intends to implement the Plan not later than January 15, 2013.
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