SINGAPORE (Reuters) - The Richard Chandler Corporation, the largest shareholder in Sino-Forest Corp, said on Monday that it has proposed a restructuring plan for the Toronto-listed forestry company.
The Singapore-based fund said it has assembled a qualified team led by an Asian forestry expert to oversee its proposal for the Toronto-listed company, whose stock tanked last year after a short-seller accused it of exaggerating its assets.
"Over recent months Sino-Forest's business and financial resources have continued to deteriorate in the absence of a credible business plan which addresses the significant governance, leadership, strategic, operational and financial challenges facing the company," the investment group said in a statement.
Sino-Forest announced last week that a Canadian court had granted it protection from its creditors and its board was looking to sell the company.
(Reporting by Rachel Armstrong; Editing by John Mair)
