Sino-Forest Bondholders Agree to Default Waiver, Cutting Bankruptcy Risk: report
Sino-Forest Corp. (TRE), a Chinese timber company fending off allegations of fraud with its shares in a trading halt, said it reached a waiver agreement with a group of bondholders, reducing the risk of bankruptcy, Bloomberg said.
Holders of a majority of its senior notes due 2014 and 2017 reportedly agreed to waive the default, Hong Kong- and Mississauga, Ontario-based Sino-Forest said today in a statement. In December, the company said it received notices of default after announcing it wouldn't publish its third-quarter financial results on "a timely basis."
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