Sino-Forest Receives Notice of Default From Noteholders, May Be Sold: report
Sino-Forest (TRE.TO), a China-focused forestry company accused of fraud, said it received notices of default from its noteholders and set up a committee to look at options for the company that could include its sale, Reuters said.
Until recently the largest forestry stock listed on the Toronto Stock Exchange, Sino-Forest warned last week it would not be able to file its quarterly results on time as an internal probe into fraud allegations is taking longer than anticipated, the Reuters report said.
Sino-Forest has been reeling since June, when short seller Carson Block and his Muddy Waters firm accused it of exaggerating the extent of its Chinese assets. Sino-Forest has said a preliminary investigation by its independent directors showed no evidence of fraud.
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