Bankrupt Sino-Forest To Give Assets To Creditors

Law360, New York (August 14, 2012, 1:07 PM EDT) -- Chinese timber company Sino-Forest Corp., which filed for bankruptcy in March after a short-seller compared it to a Ponzi scheme, said Tuesday it would transfer nearly all of its forestry assets to creditors under a reorganization plan filed in Canadian court.

Sino-Forest said in a statement that it had filed the plan with the Ontario Superior Court of Justice. The company first raised the possibility of giving its assets to creditors when it filed for bankruptcy March 30 in the wake of a critical report by...
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