The creditors of debt-saddled Chinese wafer-manufacturer LDK Solar and two of its subsidiaries this morning voted through the company’s reorganization plans.
The Xinjiang-based company, registered in the Cayman Islands, is in provisional liquidation and has proposed restructuring plans for its operations in Hong Kong and the Caribbean nation.
An update to the U.S. Securities and Exchange Commission (SEC) stated creditors of LDK and subsidiaries LDK Silicon and Chemical Technology and LDK Silicon Holding Company, convened today at a meeting which straddled the 13-hour time difference between the two nations.
Creditors voted through the proposed restructure which will now go before the authorities in each country.
The Grand Court of the Cayman Islands will consider proposals for LDK’s restructuring with its Hong Kong High Court counterpart set to examine plans for LDK operations in the territory on November 6 and 7, respectively.
As part of its restructure, LDK has started Chapter 11 bankruptcy proceedings for its three U.S. subsidiaries LDK Solar USA, LDK Solar Tech USA and LDK Solar Systems Inc.