Sino-Forest Warns It Will Breach Debt Covenants, Results Delayed Further
Sino-Forest (TRE.TO) warned it will breach its debt covenants, a development that could push the embattled Chinese timber firm into insolvency, the Globe and Mail reported.
Once the largest forestry firm on the Toronto Stock Exchange with a market value of more than $6-billion, Sino-Forest said it is delaying the release of its third quarter financial results for the second time as its own investigators have been unable to determine the nature of the relationships between the company and some of its suppliers as well as the brokers who sell its trees to customers, the Globe reported.
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