Jul 10, 2012. /Lesprom Network/. Sino-Forest Corporation announced that it is proceeding to implement the previously announced restructuring transaction pursuant to which its creditors will acquire substantially all of the assets of the Company (the "Restructuring Transaction") in accordance with the terms described in the Restructuring Support Agreement entered into by certain noteholders and the Company on March 30, 2012. Pursuant to the Restructuring Transaction, Sino-Forest will transfer substantially all of its assets, other than certain excluded assets, to a newly formed entity owned and controlled by its creditors in full and final settlement of all claims against the Company. As announced on June 8, 2012, holders of more than 72% of the aggregate principal amount of the Company's outstanding notes (with more than 66.67% of the principal amount of each of the four series of Notes) have agreed to be parties to the Support Agreement. Pursuant to certain revised deadlines under the Support Agreement, Sino-Forest is required to file a plan under the Companies' Creditors Arrangement Act in respect of the Restructuring Transaction on or before August 7, 2012. In accordance with the sale process procedures approved by the Ontario Superior Court of Justice on March 30, 2012 (the "SPP"), Sino-Forest's financial advisor, Houlihan Lokey, had been soliciting offers to purchase substantially all of Sino-Forest's assets. Following consultation with the court-appointed Monitor, FTI Consulting, the Company's financial advisor and the Ad Hoc Committee and its advisors, the Company determined that none of the bids submitted pursuant to the SPP constituted Qualified Bids as defined in the SPP and the sale solicitation process has been terminated in accordance with the SPP. As a leading commercial forest plantation operator in China, Sino-Forest operates and manages approximately 894,200 hectares of plantations and downstream manufacturing operations spanning eleven key provinces across China.