Welcome!

News Feed Item

LDK Solar Secures Funding Commitments for Its Offshore Restructuring

GEORGE TOWN, Cayman Islands, XINYU CITY, China and SUNNYVALE, Calif., July 31, 2014 /PRNewswire/ -- LDK Solar Co., Ltd. in provisional liquidation ("LDK Solar" or the "Company") and its Joint Provisional Liquidators ("JPLs"), Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, today announced that LDK Solar has secured funding commitments to enable the offshore restructuring to continue to be progressed. The JPLs now intend to seek sanction of the Grand Court of the Cayman Islands (the "Cayman Court") to the terms of the funding commitments and certain amendments to restructuring support agreements previously approved by the Cayman Court. The JPLs also provided an update on the progress of the restructuring in light of recent positive developments in the course of the Company's offshore restructuring.

Funding Commitments

On June 27, 2014, the JPLs confirmed that they continued to consider and progress discussions with a number of parties in respect of the provision of funding required to meet the agreed commitments pursuant to the restructuring support agreement relating to the 10% Senior Notes due 2014 (the "Senior Notes RSA"), the restructuring support agreement relating to the convertible preferred shares of an affiliate of the Company and involving claims against the Company (the "Preferred Obligations RSA"), as well as the costs of the offshore restructuring process and the forecast offshore working capital requirements of the Company (the "Exit Financing").

On July 15, 2014, the JPLs received a binding commitment from Heng Rui Xin Energy (HK) Co., Limited ("HRX") for US$10 million in cash and US$14 million for working capital financing in connection with the Company's offshore restructuring.  In addition, the Company and the JPLs have identified a further US$5 million of funding which is to be committed by certain subsidiaries of the Company to the offshore restructuring.  Subject to approval by the Cayman Court, the JPLs now consider that these funding commitments will be sufficient to meet the Exit Financing requirements of the offshore restructuring.     

Since their announcement on June 27, 2014 and in addition to the Exit Financing, the JPLs have also received an additional US$3.2 million of interim financing for the provisional liquidation from the partial repayment of outstanding intercompany receivables.

RSA Amendments

As a result of the challenges in raising the Exit Financing and the resultant delay in the timetable for completing the restructuring, LDK Solar and the JPLs have reached agreements with the Ad-Hoc Committee for the Company's 10% Senior Notes due 2014 (the "Senior Claims"), over 79% of the holders of the convertible preferred shares of an affiliate of the Company involving claims against the Company (the "Preferred Claims") and a majority of shareholders of the Company to certain amendments to the Senior Notes RSA and the Preferred Obligations RSA. Subject to approval by the Cayman Court, the Senior Notes RSA and the Preferred Obligations RSA have been amended as of July 30, 2014 (the "RSA Amendments") as follows:

  • To extend the closing date for the offshore restructuring to no later than September 30, 2014, subject to an automatic extension to November 14, 2014 if the Company files its scheme of arrangement with the Cayman Court on or before August 31, 2014;
  • To reduce the cash-out option for the holders of Senior Claims and Preferred Claims from US$0.20 to US$0.10 for each US$1.00 of claim and to make the availability of that option to such creditors subject to the Company determining that funding is available; and
  • To permit the Company to compromise with other offshore creditors with a combination of cash and/or equity and convertible securities, subject to agreed limitations.

2013 Form 20-F

LDK Solar and the JPLs have reached an agreement dated July 15, 2014 with the Company's existing auditor, KPMG, to engage the latter to complete the audit of the Company's consolidated accounts for fiscal year 2013.  The Company anticipates that this will enable it to file its annual report on Form 20-F for the year ended December 31, 2013 on or before October 31, 2014.

Cayman Court Sanction

In light of these developments, the JPLs are seeking sanction by the Cayman Court of the RSA Amendments and the various financing commitments. Subject to such Cayman Court sanction, the JPLs expect to be in a position to proceed with its application to the Cayman Court for orders convening meetings of creditors in relation to the offshore restructuring on or before August 31, 2014.

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date such information was prepared and on its expectations, assumptions, estimates and projections as of such date. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.

About LDK Solar in provisional liquidation

LDK Solar Co., Ltd. in provisional liquidation is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar, through its operating subsidiaries, manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's subsidiary office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.

SOURCE LDK Solar Co., Ltd.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Transforming cloud-based data into a reportable format can be a very expensive, time-intensive and complex operation. As a SaaS platform with more than 30 million global users, Cornerstone OnDemand’s challenge was to create a scalable solution that would improve the time it took customers to access their user data. Our Real-Time Data Warehouse (RTDW) process vastly reduced data time-to-availability from 24 hours to just 10 minutes. In his session at 21st Cloud Expo, Mark Goldin, Chief Technolo...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
In the fast-paced advances and popularity in cloud technology, one of the most critical factors revolves around concerns for security of your critical data. How to assure both your company and your customers they can confidently trust and utilize your cloud environment is most often top on the list. There is a method to evaluating and providing security that exceeds conventional modes of protecting data both within the cloud as well externally on mobile and other devices. With the public failure...