Sino-Forest gets court approval for creditor meeting

The meeting will feature the voting on the Plan of Compromise and Reorganization.

Sino-Forest Corporation announced that it obtained approval from the Ontario Superior Court of Justice for a meeting of its affected creditors to consider and vote on the Plan of Compromise and Reorganization under the Companies' Creditors Arrangement Act.

In order to be approved, the plan must receive the affirmative vote of a majority in number of affected creditors with voting claims, and two-thirds in value of the voting claims held by such affected creditors, in each case who vote, in person or by proxy, on the plan at the meeting.

The court order relating to the meeting provides that the information circular relating to the meeting will be mailed to affected creditors within 20 days of the date of the meeting order and that the meeting will be held within 30 days of the date the circular is mailed.

The latest version of the plan, which may be amended from the version filed in August, will be mailed to creditors as part of the circular.