Richard Chandler Corporation Expresses Disappointment with Sino-Forest Board Decision Not to Honour its Bond Commitments in Spite of Healthy Cash PositionBy The Richard Chandler Corporation, PRNE
Tuesday, December 13, 2011
SINGAPORE, December 14, 2011 -
- Richard Chandler Corporation Disappointed with Sino-Forest Board’s Decision Not to Pay Bond Interest
Richard Chandler Corporation is the largest shareholder in Chinese forestry company Sino-Forest. It is disappointed with Sino-Forest Board’s decision to not make a US$9.78 million interest payment on the 2016 convertible notes.
Sino-Forest has generated profitable growth since 1994 and the Richard Chandler Corporation continues to have confidence in the underlying business of Sino-Forest. Based on the Independent Committee’s findings to date, Sino-Forest is a going concern, with real assets and a strong balance sheet.
Alan Kelly, Senior Advisor to the Richard Chandler Corporation, said, “Sino-Forest clearly has the financial strength and liquidity to meet its bond commitments. It is disappointing and regrettable that the Board has made this decision. In view of its strong cash reserves and liquidity, and excellent bond repayment track record, we urge the Sino-Forest Board to reconsider meeting its bond commitments, as it has always done.”
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
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Kreab Gavin Anderson
Tags: Asia, China, December 14, Hong Kong, Singapore, The Richard Chandler Corporation