The Globe and Mail reports that Sino-Forest Corp. is in a desperate race to stave off collapse. Dogged by allegations, investigations and a looming default on its debt, the company warned Monday it is considering “all strategic options” available, including raising capital or selling some or all of its assets. It is already in talks.
“As the company has breached certain covenants under its note indentures, the company’s ability to continue as a going concern and avoid insolvency proceedings depends on the success of the company’s discussions with its stakeholders,” Sino-Forest said in a statement.
“Those discussions will be a key element in determining the future of the company and the courses of action available to it....”
Read more at http://www.theglobeandmail.com/globe-investor/sino-forest-on-the-brink-as-default-on-debt-looms/article2268282/
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