Sino-Forest Files Bankruptcy, $4B Suit For Ponzi Report

Law360, New York (March 30, 2012, 6:26 PM EDT) -- Scandal-plagued Sino-Forest Corp. on Friday filed for bankruptcy protection, announced a potential sale and launched a $4 billion defamation suit against an analyst that set off a firestorm in June by claiming the timber company was a Ponzi scheme.

The Chinese-Canadian plantation owner said it had filed for court protection in Ontario under the Companies' Creditors Arrangement Act to fend off creditors claims as it searches for a third-party buyer. Failing that, Sino-Forest said it would restructure by handing off all of its assets to noteholders....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.