Friday, March 30, 2012, 12:30 PM
More on Sino-Forest: The company reaches agreement with its lenders to either sell the firm or hand them the keys, and will file such in court today in Canada. It is also suing "Muddy Waters, Carson Block, and others, relating to the allegations made against the company." (PR)
Comment![Global & FX]
Friday, March 30, 2012, 12:21 PM
Troubled timber firm Sino-Forest will file for bankruptcy protection today, according to sources. The company had a market cap of $6B less than a year ago, before a June report from Carson Block outed fraudulent practices there.
2 Comments[Global & FX]
Monday, December 19, 2011, 4:56 AM
Sino-Forest (SNOFF.PK) announced late yesterday that it had defaulted on two sets of bond payments, and is seeking waivers from bondholders. The company reiterates that it's considering all its options, including a possible sale.
Friday, December 16, 2011, 2:31 AM
Sino-Forest's (SNOFF.PK) largest shareholder called yesterday for a board shake-up, saying directors are taking too long to clear the company of fraud allegations. A second major investor published an open letter questioning the commitment of Sino's board to its shareholders. The two hold a combined 37% stake.
Tuesday, December 13, 2011, 9:56 AM
Sino-Forest (SNOFF.PK) yesterday said it would miss a $9.775M interest payment due for Thursday and consider selling itself. The timber company is also delaying its Q3 results until it can answer questions raised by an independent committee about its relationships with certain intermediaries and suppliers.
Tuesday, November 15, 2011, 3:46 AM
Sino-Forest (SNOFF.PK) says an independent report verifies the company's timber assets, cash balances, book values and revenue, thereby refuting claims from short seller Muddy Waters, which accused Sino-Forest of being a "near total fraud" and a "Ponzi scheme."
2 Comments[Top Stories]
Friday, October 21, 2011, 11:33 AM
Sino-Forest (SNOFF.PK) deposits funds necessary to make a semi-annual interest payment on some of its debt, possibly easing concerns about its financial health. Alas, there is no way to check investor reaction as the company's shares have been suspended from trading since August.
1 Comment[Global & FX, Commodities]
Sunday, August 28, 2011, 12:22 PM
Following Friday's drama in which Canadian regulators published and later rescinded an order for the resignation of Sino-Forest's (SNOFF.PK) senior management, the company announces CEO Allan Chan has stepped down. The shares were suspended in Toronto on Friday, but lost 71% on the pink sheets. (PR)
3 Comments[Global & FX]
Friday, August 26, 2011, 9:34 AMTimber... Ontario Securities Commission orders senior officers and directors of Sino-Forest (SNOFF.PK -53%) to resign, and halts shares. OSC believes Sino has "misrepresented some of its revenue and/or exaggerated some of its timber holdings" and that some officers - including CEO Allen Chan - appear to be engaging in acts "they know or reasonably ought to know perpetuate a fraud."
2 Comments[On the Move, Breaking News]
Tuesday, June 14, 2011, 3:19 PM
Embattled Chinese tree-plantation company Sino-Forest (SNOFF.PK -19.3%) says its largest shareholder, Paulson & Co. is "very supportive," offering suggestions on how it might handle its situation. Owning 14% of the company, what else could Paulson be?
3 Comments[Global & FX, Commodities]
Tuesday, June 14, 2011, 7:18 AMSino-Forest (SNOFF.PK) reports a Q1 net loss of $22.1M, and negative cash flow from operations of $121.5M. Sino says it's devoting "much of its resources" to examine Muddy Waters' allegations, and expects an internal probe to take at least two to three months, but that it stands behind its previous financial statements. (PR)
Comment![Earnings, Breaking News]
Wednesday, June 8, 2011, 10:59 AM
Dundee's Rich Kelertas accuses Muddy Waters of pre-marketing its damning report on Sino-Forest (SNOFF.PK +9.6%) to hedge funds. Short interest nearly doubled not long before the release, spiking to a record 35% of the float. The average short interest in the S&P TSE Index is just 4.8%.
1 Comment[Global & FX]