Reuters: Regulatory News: Sino Forest's largest shareholder proposes restructuring plan

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Sino Forest's largest shareholder proposes restructuring plan Apr 2nd 2012, 00:28 SINGAPORE April 2 | Sun Apr 1, 2012 8:28pm EDT SINGAPORE April 2 (Reuters) - The Richard Chandler Corporation, the largest shareholder in Sino-Forest Corp , said on Monday that it has proposed a restructuring plan for the Toronto-listed forestry company. The Singapore-based fund said it has assembled a qualified team led by an Asian forestry expert to oversee its proposal for the Toronto-listed company, whose stock tanked last year after a short-seller accused it of exaggerating its assets. "Over recent months Sino-Forest's business and financial resources have continued to deteriorate in the absence of a credible business plan which addresses the significant governance, leadership, strategic, operational and financial challenges facing the company," the investment group said in a statement. Sino-Forest announced last week that a Canadian court had granted it protection from its creditors and its board was looking to sell the company.

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