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.
