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  "documentTitle": "Sino-Forest Corporation (TRE)",
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  "authorName": "Carson C. Block",
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  "notes": "Includes a table of debt instruments and narrative on fraud allegations regarding capital raising.",
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      "text": "Because TRE has $2.1 billion in debt outstanding, which we believe exceeds the potential recovery, we value its equity at less than $1.00 per share.",
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      "text": "equity value: $1.00",
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      "text": "Sino-Forest has raised a total $3.05 billion from the capital markets. The capital structure consists of $1.892 Billion of bonds outstanding, Senior Secured Bank Loans of $207 million and a new CNY 350 mil term facility.",
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      "text": "Because TRE has $2.1 billion in debt outstanding, which we believe exceeds the potential recovery, we value its equity at less than $1.00 per share.",
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      "text": "TRE Management Information Circular, May 11, 2011, pp. 32-33",
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      "text": "Sino Forest Equity and Debt Estimated Values",
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