Sino-Forest Announces Court Approval for Creditor Meeting
TORONTO, Sept. 5, 2012 /PRNewswire/ - Sino-Forest Corporation ("Sino-Forest" or the "Company") today announced that it obtained approval yesterday from the Ontario Superior Court of Justice (the "Court") for a meeting (the "Meeting") of its affected creditors to consider and vote on the Plan of Compromise and Reorganization (the "Plan") under the Companies' Creditors Arrangement Act (the "CCAA") previously announced by the Company on August 14, 2012.
In order to be approved, the Plan must receive the affirmative vote of a majority in number of affected creditors with voting claims, and two-thirds in value of the voting claims held by such affected creditors, in each case who vote (in person or by proxy) on the Plan at the Meeting.
The Court order relating to the Meeting (the "Meeting Order") provides that the information circular (the "Circular") relating to the Meeting will be mailed to affected creditors within 20 days of the date of the Meeting Order and that the Meeting will be held within 30 days of the date the Circular is mailed. The latest version of the Plan (which may be amended from the version filed with the Court on August 27, 2012) will be mailed to creditors as part of the Circular.
Further details regarding the Meeting will be provided in the Circular, a copy of which will be available on SEDAR at www.sedar.com, on Sino-Forest's website at www.sinoforest.com and on the Monitor's website at http://cfcanada.fticonsulting.com/sfc. A copy of the Meeting Order is available on the Monitor's website at http://cfcanada.fticonsulting.com/sfc.
SOURCE Sino-Forest Corporation