Port Colborne fire impact

The huge fire at the Vinyl Works Canada in Port Colborne has impacted residents and businesses around.The heavy black smoke filled the sky as the massive fire burned at the vinyl warehouse and the smoke could be seen for several kilometres as far away as Buffalo.“It was very toxic smoke. Any firefighter that was in what we consider the ‘hot zone’ was wearing a self-contained breathing apparatus and full protective equipment.” that’s according to Deputy Fire Chief Mike Bendia.A concern for not only firefighters but also residents nearby. Niagara region officials warning people to stay inside and keep their windows and doors closed.The Deputy Chief went on to say, “What exactly was burning inside? We really don’t know 100% what was burning. We were told there was some patio furniture in there, boats that they were allowing to be stored. There were some vehicles so we had a mix of a lot of stuff in there.”The Ministry of the Environment are taking air samples to monitor the air quality. So far they say there is no concern.By the afternoon the smoke had lessened but it was still visible as the building continued to burnA nearby farm reported some falling ash. Ministry staff will collect samples from those properties too. read more

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SinoForest says 72 per cent of noteholders support its restructuring plan

by News Staff Posted Jun 8, 2012 11:25 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – Troubled Chinese forestry company Sino-Forest Corp. (TSX:TRE) said Friday that holders of about 72 per cent of its outstanding notes have agreed support a restructuring at the company.Sino-Forest said the support follows a deal with an ad hoc committee of noteholders in March to support “either a sale of the company to a third party or a restructuring under which the noteholders would acquire substantially all of the assets of the company.”Once the most valuable forestry company on the Toronto Stock Exchange, Sino-Forest was accused of fraud last year by short seller Muddy Waters Research.Sino-Forest and several former executives have since also been accused of lying to investors and attempting to mislead investigators by the Ontario Securities Commission.The case has also been referred to the RCMP for investigation.The company filed for court protection from creditors earlier this year and put itself up for sale, saying that if it doesn’t receive a suitable takeover offer it will implement a restructuring plan under the Companies’ Creditors Arrangement Act.Since then, Sino-Forest has been working to gain support from its noteholders.On Friday, the company said noteholders holding at least two-thirds of the principal amount of each of Sino-Forest’s four series of notes have now agreed to support a restructuring.Sino-Forest owns and manages tree plantations as well as manufacturing operations in China.The company has been accused of overstating its assets and revenue as well as misleading investors as to the relationship between Sino-Forest, founder and former chief executive Allen Chan and Greenheart, a publicly traded company listed in Hong Kong.The regulator also alleged Chan secretly controlled companies that received more than $22 million when Sino-Forest bought a controlling interest in Greenheart, which has forest concessions in Suriname.Chan resigned as chief executive of Sino-Forest in August after the OSC first began its investigation, but remained founding chairman emeritus until he resigned from the company in April.Sino-Forest filed a report by its own independent committee earlier this year into the allegations by Muddy Waters, but fell short of bringing investors any closer to seeing a return on their investment in the company.Its shares have been delisted from the Toronto Stock Exchange. Sino-Forest says 72 per cent of noteholders support its restructuring plan read more

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