Sino-Forest, the Chinese forestry company fighting allegations of fraud, said on Monday it would miss an interest payment on its debt and was unable to say when it could publish its earnings statement, which would put it in default on $1.8bn worth of bonds.
The company said its board had decided not to make a $10m interest payment due on Thursday on a 2016 convertible bond.
The company said it would miss a deadline to publish third-quarter results within 30 days of its last announcement, when the Hong Kong and Ontario-based company issued an interim report into allegations made by short seller Muddy Waters.
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