Sino-Forest's largest single shareholder, Singapore-based private investment group Richard Chandler, assembles team to lead restructuring proposal, sets target of long-term sustainable plantation business
April 2, 2012
– The Richard Chandler Corporation (RCC) notes the recent announcement by Sino-Forest and its intention to reorganise its affairs under the Companies' Creditors Arrangement Act (CCAA) in Canada.
RCC, as the largest single shareholder, believes that the future of the Company lies in the development of a sustainable forestry business built upon good governance, entrepreneurship, conservative financing and sound business practices. 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 Richard Chandler Corporation has assembled a qualified team led by David Walker, a recognised expert in the Asian forestry and forest products industry, to lead its proposal for the restructuring of Sino-Forest. David Walker commented: ‘Sino-Forest faces a range of complex problems. A successful restructuring which builds a long term sustainable plantation business will take a considerable amount of time and a strong team to drive the process. We look forward to working with the company and its bondholders to implement a plan which builds long term value for all Sino-Forest stakeholders’.
About the Richard Chandler Corporation
The Richard Chandler Corporation is a private investment group based in Singapore and founded by New Zealand-born entrepreneur Richard F. Chandler. The Richard Chandler Corporation’s mission, Building Prosperity for Tomorrow’s World, adopts a holistic approach to building sustainable prosperity through investments in financial and social enterprises. Since 1986, the Richard Chandler Corporation has provided capital to companies and governments from Asia and Africa to Latin America and Eastern Europe, and invested in a wide range of industries, such as telecoms, power, steel, banking and energy.
For more information, please visit: www.richardchandler.com