TORONTO, Jan. 24, 2013 /CNW/ - Sino-Forest Corporation ("Sino-Forest" or
the "Company") today announced that the Plan Implementation Date, the
date on which the Company's CCAA Plan of Compromise and Reorganization
dated December 3, 2012 (the "Plan") is to become effective, has been
extended with the consent of the Initial Consenting Noteholders and the
Monitor. While Sino-Forest has been working diligently with the
Monitor and counsel to the Initial Consenting Noteholders to complete
the implementation of the Plan, certain additional work is still
necessary before the Plan can become effective. The Plan
Implementation Date is now expected to occur on or about January 29,
2013 and in any event before the end of January, 2013.
This news release contains forward-looking information within the
meaning of applicable securities laws ("forward-looking statements"),
including forward-looking statements relating to the expected timing of
the Plan Implementation Date. The forward-looking statements expressed
or implied by this news release are subject to important risks and
uncertainties. Forward-looking statements are based on estimates and
assumptions made by the Company in light of its experience and its
perception of historical trends, current conditions and expected future
developments, as well as other factors that the Company believes are
appropriate in the circumstances. The results or events predicted in
these statements may differ materially from actual results or events
and are not guarantees of future performance of Sino-Forest. Factors
which could cause results or events to differ from current expectations
include, among other things: Sino-Forest's ability to complete the Plan
in the time period contemplated, if at all, which is dependent on its
ability to comply with the closing conditions to the Plan, many of
which are significant and beyond the control of Sino-Forest; actions
taken by the Company's noteholders, lenders, creditors, shareholders,
and other stakeholders to enforce their rights; actions taken against
the Company by governmental agencies and securities and other
regulators; actions taken by the Monitor; the outcome of examinations
and proceedings currently underway by law enforcement and securities
regulatory authorities; the outcome of class action or other
proceedings which have been or may in future be initiated against the
Company; and the Company's ability to continue to operate without
former senior management, almost all of whom have ceased to be employed
by the Company; and other factors not currently viewed as material that
could cause actual results to differ materially from those described in
the forwarding-looking statements. Sino-Forest Corporation disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.
SOURCE: Sino-Forest Corporation
