TORONTO, CANADA – March 30, 2012 - Sino-Forest Corporation ("Sino-Forest" or the "Company") (TSX:TRE) announced that, further to its news release issued earlier today, the Company has obtained an initial order (the "Order") from the Ontario Superior Court of Justice (the "Court") for creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act ("CCAA").
Under the terms of the Order, FTI Consulting Canada Inc. will serve as the Courtappointed Monitor under the CCAA process and will assist the Company in implementing its restructuring plan. Gowling Lafleur Henderson LLP is acting as legal counsel to the Monitor.
During the CCAA process, Sino-Forest expects its normal day-to-day operations to continue without interruption. The Company has not planned any layoffs and all trade payables are expected to remain unaffected by the CCAA proceedings.
Additional information regarding Sino-Forest's CCAA proceedings, including information relating to the Support Agreement with noteholders of the Company, will be available on the Monitor's website at http://cfcanada.fticonsulting.com/sfc.
About Sino-Forest Corporation
Sino-Forest Corporation is a leading commercial forest plantation operator in China. Its principal businesses include the ownership and management of tree plantations, the sale of standing timber and wood logs, and the complementary manufacturing of downstream engineered-wood products. Sino-Forest also holds a majority interest in Greenheart Group Limited (HKSE:00094), a Hong-Kong listed investment holding company with assets in Suriname (South America) and New Zealand and involved in sustainable harvesting, processing and sales of its logs and lumber to China and other markets around the world. Sino-Forest's common shares have been listed on the Toronto Stock Exchange under the symbol TRE since 1995. Learn more at www.sinoforest.com.
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