Sino-Forest Corporation - Status Updates
| April 15, 2013 | |
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On April 15, 2013, the Honourable Judge Glenn issued an Order granting recognition of Foreign Proceedings, enforcement of Canadian Orders and related relief. | |
| February 4, 2013 | |
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Pursuant to the Plan Sanction Order, on February 4, 2013 Sino-Forest Corporation commenced Chapter 15 Proceedings in the United States ancillary to the Canadian Proceedings. | |
| January 30, 2013 | |
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On January 30, 2013 Sino-Forest Corporation implemented its Plan of Compromise and Reorganization (“the Plan”) dated December 3, 2012. Pursuant to the Plan, Sino-Forest Corporation completed a restructuring transaction under which, among other things, Sino-Forest transferred substantially all of its assets, other than certain excluded assets, to a newly formed entity ("Newco") (and/or a wholly-owned subsidiary of Newco) owned by the affected creditors of Sino-Forest in exchange for a release of the claims of affected creditors against Sino-Forest and its subsidiaries. | |
| December 19, 2012 | |
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On December 19, 2012 Justice Morawetz agreed to the adjournment of the settlement approval motion originally returnable January 4, 2013 to February 4, 2013. | |
| December 10, 2012 | |
| On December 10, 2012 Justice Morawetz endorsed the motion sanctioning the Plan of Compromise and Arrangement dated December 3, 2012. | |
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| December 3, 2012 | |
| The Meeting to consider the Company's Amended Plan of Compromise and Reorganization dated December 3, 2012 (the "Amended Plan") was held at 10:00 a.m. on December 3, 2012, at the offices of Gowling Lafleur Henderson LLP, counsel to the Court-appointed Monitor. 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 by 250 of the 253 affected creditors with proven claims who voted on the Plan at the meeting (being over 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. | |
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| December 3, 2012 | |
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Please be advised that Sino-Forest Corporation has made certain amendments to
its Plan previously filed on October 19, 2012 (the “Amended Plan”). In order to allow creditors an opportunity to review the Amended Plan, the time for the meeting of creditors to consider the Amended Plan has been extended in accordance with the terms of the Plan Filing and Meeting Order made by the Court on August 31, 2012 and will now be held at 10:00 a.m. on Friday, November 30, 2012. The location of the meeting has been moved to the offices of Gowling Lafleur Henderson LLP, counsel to the Court-appointed Monitor in the CCAA proceedings, at 1 First Canadian Place, 100 King Street West, 16th Floor, Toronto, Ontario. | |
| November 23, 2012 | |
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On November 23, 2012, the Court of Appeal dismissed an appeal by the Company’s former auditors and underwriters from an order made by the Ontario Superior Court of Justice on July 27, 2012. | |
| November 23, 2012 | |
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On November 23, 2012, the Court granted an extension of the stay of proceedings to February 1, 2012. | |
| October 9, 2012 | |
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On October 9, 2012, the Court granted an extension of the stay of proceedings to December 3, 2012. | |
| September 28, 2012 | |
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On September 28, 2012, the Court granted an extension of the stay of proceedings to October 11, 2012. | |
| July 10, 2012 | |
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Following consultation with the court-appointed Monitor, FTI Consulting, the
Company’s financial advisor and the Ad Hoc Committee and its advisors, the
Company determined that none of the bids submitted pursuant to the SPP
constituted Qualified Bids as defined in the SPP and the sale solicitation
process was terminated in accordance with the SPP. | |
| May 31, 2012 | |
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On May 31, 2012, the Court granted an extension of the stay of proceedings to September 28, 2012. | |
| April 13, 2012 | |
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On April 13, 2012, the Court granted an extension of the stay of proceedings to June 1, 2012. | |
| March 30, 2012 | |
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On March 30, 2012, Sino-Forest Corporation (“SFC” ) sought and obtained an Initial Order (the “Initial Order”) under the Companies’ Creditors Arrangement Act (the “CCAA”) from the Ontario Superior Court of Justice . The Applicants sought and were granted the stay of proceedings and other relief provided under the CCAA. Pursuant to the Initial Order, FTI Consulting (“FTI” or the “Monitor”) has been appointed Monitor.
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Contact FTI FTI Consulting Useful Links FTI ConsultingOffice of the Superintendent of Bankruptcy Canada Sino-Forest Corporation |