China-based LDK Solar Ltd announced yesterday that it is still working with the relevant government agencies with regard to its sale of LDK Anhui subsidiary, located in Hefei City, to Shanghai Qianjiang Group.
Under the terms of the sale agreement, announced on January 2, the Shanghai Qianjiang Group arranged to buy the shares of LDK Anhui for around RMB 25 million (around 3.1 million, US$4 million). At the time, it was said that LDK Anhui had negative net assets of $54 million and bank borrowings of $485 million.
It was also agreed that the guarantee LDK Solar provided to LDK Anhui and its subsidiaries would be released within 12 months, and that Shanghai Qianjiang Group would compensate LDK Solar for any loss associated with the guarantee.
Originally, the closing date for the sale was set for March 31. However, LDK Solar is still awaiting governmental approval. "We will provide further updates when a final approval decision is made," stated LDK Solar president and CEO, Xingxue Tong.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.