The directors of debt-saddled Chinese manufacturer LDK Solar today (Friday) announced the directors of the company regained control of the business from the provisional liquidators on Wednesday, in line with an order of the Grand Court of the Cayman Islands, where the multinational is registered.
The announcement by LDK indicated restructuring proposals for its businesses are set to take effect on Wednesday, after clearing court approvals in the Cayman Islands, the High Court of Hong Kong and the U.S. bankruptcy court for the district of Delaware and winning the support of creditors.
And there was further good news yesterday with the announcement of a 30.6 MW module supply deal.
One of the many subsidiaries of Chinese state-owned Power Construction Corporation of China EPC provider the Ningxia Hui Autonomous Region Electric Power Design Institute has given the embattled manufacturer a leg-up with the module order, with shipments due to start ‘immediately’, according to LDK.
The order was secured by LDK’s Chinese subsidiary, LDK Solar Hi-Tech (Nanchang) with the modules set to be used for a solar project in Ningxia.