SYDNEY - Asian shares opened cautiously higher on Friday with Tokyo's Nikkei steadying from its biggest one-day drop in two years as investors breathed a sigh of relief when Wall Street cut losses on an upbeat outlook from Hewlett-Packard.
FRANKFURT - New solar installations reached a fresh record of 7.5 gigawatts (GW) in Germany in 2011, playing into the hands of advocates for steeper cuts in tariff subsidies to reduce growth of solar power and the resulting higher costs for consumers.
Sino-Forest creditors to take control; sale shelved
TORONTO (Reuters) - Sino-Forest Corp SNOFS.UL said on Tuesday it terminated a proposed asset sale, in favor of a plan that calls for the company's creditors acquire all of its forestry assets.
The China-focused forestry company's shares plummeted in June 2011 after a short-seller accused it of exaggerating the size of its forestry assets. The company, whose stock has since been de-listed by the Toronto Stock Exchange, was granted protection from creditors by a Canadian court in March.
At the time, the company said it would attempt to sell its assets. In the event a credible buyer did not emerge, however, the company's restructuring plan would let noteholders acquire nearly all of its assets.
In a statement late on Tuesday, Sino-Forest said it would transfer all its assets, other than certain excluded assets, to a newly formed entity owned and controlled by its creditors, as part of a full and final settlement of all creditor claims against the company. (Reporting by Euan Rocha; Editing by Steve Orlofsky)
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