"Shareholders typically receive little or nothing under a CCAA restructuring."
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ca.finance.yahoo.com/news/...-forest-faces-more-215731384.html
Auszug daraus ......
The OSC also said that it will hold a hearing on April 13 to consider whether it is in the public interest to extend the temporary cease trade order against the company until July 16.
Auszug daraus ......
The OSC also said that it will hold a hearing on April 13 to consider whether it is in the public interest to extend the temporary cease trade order against the company until July 16.
mal schauen was dabei heraus kommt und welche Börsenplätze ,dann vielleicht geöffnet werden !!! oder auch nicht :-(
jede Wette das der handel weiter ausgesetzt bleibt...
auch, das der Antrag auf Verlängerung mit Datum 9.July durchgeht .
Sino-Forest seeks extension on stay order until July 9
* Co says this would help facilitate its asset sale process
* Motion seeking extension comes before court on April 13
TORONTO, April 12 (Reuters) - Sino-Forest Corp has asked a Canadian court to extend a recently granted creditor protection order until July 9, arguing this would create certainty for potential buyers considering a bid for its forestry assets in China.
The Ontario Superior Court last month granted the embattled company creditor protection under Canada's Companies' Creditors Arrangement Act until April 29. Sino, which has been accused of fraudulently exaggerating the size of its forestry assets, says the allegations against it have paralyzed its business.
Sino-Forest's Toronto-listed shares tumbled last June after short-seller Carson Block and his firm Muddy Waters accused it of swindling investors. Sino is now battling multiple lawsuits, on top of investigations from regulators and law enforcement authorities.
The company's stock, which has been halted by regulators for months, is now being delisted by the Toronto Stock Exchange in the wake of the bankruptcy protection proceedings.
As part of a move to extract value for creditors, Sino plans to raise cash by selling its largely Chinese forestry assets. In a filing made to the court on Thursday, Sino said it has started the process of putting its assets up for sale.
The extension of the stay period to July 9, is necessary in order to provide stability to Sino-Forest's business while it works through the sale process, the company said. The court is scheduled to hear the company's motion seeking an extension of the stay order on Friday, April 13.
Sino-Forest's Chief Executive Judson Martin told the court that the company's stakeholders and business partners in China have taken a favorable view of its restructuring plan.
"Sino Forest's employees appear to have embraced this restructuring as a solution that will provide a future for Sino-Forest companies," said Martin in an affidavit, adding that no loans have been called by any of the company's Chinese lenders.
Sino-Forest said the extension of the stay order would help facilitate the initial phase of the sale process, which involves the solicitation of non-binding letters of intent from potential bidders. The initial phase of the sale process is expected to be completed by June 28.
Martin has said it is critical for the company to conclude its restructuring plan by the end of the third quarter, as the company's business is seasonal and vast majority of its dealings typically occur in the third- and fourth-quarter
"Stakeholders will therefore be prejudiced if Sino-Forest cannot complete a restructuring by the end of the third quarter, or soon thereafter, as the business will continue to be frozen through the critical fourth quarter," he said.
www.reuters.com/article/2012/04/12/...amp;feedName=companyNews
Sino-Forest seeks extension on stay order until July 9
* Co says this would help facilitate its asset sale process
* Motion seeking extension comes before court on April 13
TORONTO, April 12 (Reuters) - Sino-Forest Corp has asked a Canadian court to extend a recently granted creditor protection order until July 9, arguing this would create certainty for potential buyers considering a bid for its forestry assets in China.
The Ontario Superior Court last month granted the embattled company creditor protection under Canada's Companies' Creditors Arrangement Act until April 29. Sino, which has been accused of fraudulently exaggerating the size of its forestry assets, says the allegations against it have paralyzed its business.
Sino-Forest's Toronto-listed shares tumbled last June after short-seller Carson Block and his firm Muddy Waters accused it of swindling investors. Sino is now battling multiple lawsuits, on top of investigations from regulators and law enforcement authorities.
The company's stock, which has been halted by regulators for months, is now being delisted by the Toronto Stock Exchange in the wake of the bankruptcy protection proceedings.
As part of a move to extract value for creditors, Sino plans to raise cash by selling its largely Chinese forestry assets. In a filing made to the court on Thursday, Sino said it has started the process of putting its assets up for sale.
The extension of the stay period to July 9, is necessary in order to provide stability to Sino-Forest's business while it works through the sale process, the company said. The court is scheduled to hear the company's motion seeking an extension of the stay order on Friday, April 13.
Sino-Forest's Chief Executive Judson Martin told the court that the company's stakeholders and business partners in China have taken a favorable view of its restructuring plan.
"Sino Forest's employees appear to have embraced this restructuring as a solution that will provide a future for Sino-Forest companies," said Martin in an affidavit, adding that no loans have been called by any of the company's Chinese lenders.
Sino-Forest said the extension of the stay order would help facilitate the initial phase of the sale process, which involves the solicitation of non-binding letters of intent from potential bidders. The initial phase of the sale process is expected to be completed by June 28.
Martin has said it is critical for the company to conclude its restructuring plan by the end of the third quarter, as the company's business is seasonal and vast majority of its dealings typically occur in the third- and fourth-quarter
"Stakeholders will therefore be prejudiced if Sino-Forest cannot complete a restructuring by the end of the third quarter, or soon thereafter, as the business will continue to be frozen through the critical fourth quarter," he said.
www.reuters.com/article/2012/04/12/...amp;feedName=companyNews
zumal am 5.Mai an der TSX sowieso das Delisting droht...
die Frage ist, ob die andern börsen dann überhaupt nochmal "aufmachen"...weil kanada die leitbörse für sino aktien ist
"The company said the TSX has decided to delist its shares, effective May. 9, because it failed to meet continued listing requirements, as well as for failing to produce necessary financial statements."
die Frage ist, ob die andern börsen dann überhaupt nochmal "aufmachen"...weil kanada die leitbörse für sino aktien ist
"The company said the TSX has decided to delist its shares, effective May. 9, because it failed to meet continued listing requirements, as well as for failing to produce necessary financial statements."
widerspricht es sich ja ,die wollen den Antrag auf Verlängerung der Handelsaussetzung bis zum 9.July um alles noch besser regeln zu können ,aber gleichzeitig wurde das Delisting am 5.Mai an der TSX ausgesprochen .
Allerdings gilt das Delisting dann auch nur für die Heimatbörse und das ist dann unabhängig für andere Börsenplätze .
Allerdings gilt das Delisting dann auch nur für die Heimatbörse und das ist dann unabhängig für andere Börsenplätze .
TORONTO, April 13 | Fri Apr 13, 2012 1:51pm EDT
TORONTO, April 13 (Reuters) - A Canadian court on Friday extended a creditor protection order for Sino-Forest Corp by five weeks to June 1, giving the embattled Chinese forestry company more time to sell its assets
.www.reuters.com/article/2012/04/13/...amp;feedName=companyNews
TORONTO, April 13 (Reuters) - A Canadian court on Friday extended a creditor protection order for Sino-Forest Corp by five weeks to June 1, giving the embattled Chinese forestry company more time to sell its assets
.www.reuters.com/article/2012/04/13/...amp;feedName=companyNews
Auszug ........
In a separate proceeding on Friday, the Ontario Securities Commission (OSC), Canada's main securities regulator, extended its cease trade order on shares of Sino-Forest until July 16.
Hugh Craig, a senior litigator with the OSC, said the extension beyond the May 9 delisting date was necessary as the stock could still potentially be traded over-the-counter after it is delisted by the Toronto Stock Exchange
www.reuters.com/article/2012/04/13/...amp;feedName=companyNews
In a separate proceeding on Friday, the Ontario Securities Commission (OSC), Canada's main securities regulator, extended its cease trade order on shares of Sino-Forest until July 16.
Hugh Craig, a senior litigator with the OSC, said the extension beyond the May 9 delisting date was necessary as the stock could still potentially be traded over-the-counter after it is delisted by the Toronto Stock Exchange
www.reuters.com/article/2012/04/13/...amp;feedName=companyNews
das habe ich bereits in #1658 mit Quellenangabe geschrieben,viel wichtiger ist eigentlich zu wissen wann der Handel wieder beginnt und das steht in keiner aktuellen News.
Sino gewinnt Zeit für den Verkauf von Waldbesitz: Das könnte den Gläubigern nützen, falls Verkäufe zustande kommen. Die Frage ist, was dann noch für eine Umstrukturierung im Sinne Chandlers bleibt: Da müsste man mehr Einblick in die Beteiligugen, die Vermögensverhältnisse und die Besitztümer haben.
Wie steht es eigentlich mit der Klage von 4 Md. gegen Muddy Waters resp. Block als Urheber des gesamten Sino-Schadens ? Da die unabhängige Kommission die Vorwürfe entkräften konnte, hätte ja wohl eine Klage gute Aussicht auf Erfolg - oder ist der Sitz von Muddy Waters in Hongkong so gewählt, dass man dort niemanden verklagen kann ?
Wer zockt kann auch verlieren, so ist halt die Börse.
Kleiner Trost am Rande:" Euer Geld ist nicht weg, es haben nur Andere und die sitzen vermutlich in China"!
Kleiner Trost am Rande:" Euer Geld ist nicht weg, es haben nur Andere und die sitzen vermutlich in China"!
www.thestreet.com/story/11612168/1/...olicitation-process.html
Keiner weiß bisher etwas genaues darüber, auch die Amis nicht .
Bald ist ein Jahr herum ,das kein Handel stattgefunden hat,außer bei Lang & Schwarz !!
eigentlich auch nur wissen ,ob ich sie nun im Keller * Einbetonieren* soll !!
heute bei Lang & Schwarz ,55,55 % Plus und 500% Spreed ,kann sich sehen lassen :-))
noch sehr REICH ~~~~~~~~Vieleicht auch nur an Erfahrung, aber was macht da schon , es ist do
ich nur Geld - Es kommt und geht wie das Wetter
ich nur Geld - Es kommt und geht wie das Wetter
stirbt zuletzt, schreib es lieber ab....wenn was kommt dann herzlichen glückwunsch
Bei der SF-Corp ist etwas in Bewegung geraten:
www.sinoforest.com/companyreleases.asp
Es gibt einen Restrukturierungsplan /"Plan" der CCAA, der darauf abzielt, die Aktien in eine neue Gesellschaft einzubringen. Allerdings verfallen offenbar diejenigen Papiere, die dem Plan nicht zustimmen und sich daran beteiligen (vgl. 6.4 des Plans). Falls jemand dazu Genaueres weiß, sollte sie/er sich doch bitte äußern.
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