LDK subsidiaries request Chapter 11 protection in the US


A bankruptcy court in Delaware, USA, will consider a request for Chapter 11 protection by the U.S. subsidiaries of embattled Chinese solar manufacturer LDK Solar next month.

Under the terms of a proposed restructuring of LDK – voted through ‘overwhelmingly' by the holders of 10% senior notes in the company due this year – the parent company is seeking bankruptcy protection for its three U.S. subsidiaries during the restructure.

On Wednesday the U.S. Bankruptcy Court for the district of Delaware granted permission for the three subsidiaries – LDK Solar Systems Inc., LDK Solar USA Inc. and LDK Solar Tech USA Inc. – to continue trading until it considers the bankruptcy request on November 21.

A request for the court to recognise insolvency proceedings for the parent company in the Grand Court of the Cayman Islands, where the Chinese manufacturer is registered, will be considered on the same day.

The announcement of the developments by LDK Solar on its website on Wednesday added the parent company hopes to complete its reorganization by the end of the year.

Popular content

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.


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

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.