August 14, 2012 / 3:32 PM / 5 years ago

Sino-Forest files for reorganization plan

Aug 14 (Reuters) - Insolvent Chinese forestry company Sino-Forest Corp said it filed a reorganization plan in an Ontario court that would allow its creditors to acquire its forestry assets.

Sino-Forest filed for bankruptcy protection in April after a short-seller accused it of exaggerating the size of its forestry assets, sending its shares plummeting.

The company said on Tuesday it plans to seek an order for a meeting of creditors in either late September or early October.

It plans to complete the restructuring not later than Nov. 30, subject to certain approvals, Sino-Forest said in a statement.

The company filed the plan with the Ontario Superior Court of Justice.

Sino-Forest said in July that it terminated a proposed asset sale, in favor of a plan that calls for its creditors to acquire all of its forestry assets.

Sino-Forest’s stock has been halted for months and delisted by the Toronto Stock Exchange.

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