TORONTO, June 8 Insolvent Chinese forestry
company Sino-Forest Corp said on Friday it has won
more support from debtholders for its plan to either sell or
restructure its assets.
The company, which barely a year ago was the biggest
forestry company on the Toronto Stock Exchange in terms of
market capitalization, has been accused by regulators and
investors of fraud. Its stock, which was halted in August last
year, has been de-listed, and the company is now attempting to
sell assets to pay off debtholders.
In March, an ad hoc group representing about 40 percent of
Sino's senior noteholders agreed to support the proposed sale of
The company said on Friday it now has the support of about
72 percent of noteholders.
On May 31, the Ontario Superior Court of Justice extended
Sino's creditor protection until Sept. 28.