LDK finally exits insolvency

Share

Chinese-headquartered solar manufacturer LDK Solar‘s long struggle back from provisional liquidation was confirmed by the Grand Court of the Cayman Islands this week.

The grand court of the Caribbean nation where LDK, like many Chinese solar companies, is officially registered, on Tuesday ordered that LDK's liquidators relinquish their duties on April 21, at which point the solar ingot, wafer, cell and module-maker will close liquidation proceedings.

LDK's three U.S. subsidiaries – LDK Solar Systems, LDK Solar USA and LDK Solar Tech USA – closed their own provisional liquidation proceedings in February, having renegotiated an offshore debt pile of $700 million.

The parent company is reported to owe Chinese banks – including the state-owned Chinese Development Bank – an onshore debt amounting to some $2 billion.

With the Chinese lenders willing to back the manufacturer, in a move that will further enrage U.S. and European critics who claim the Chinese government is unfairly supporting its big solar players with illegal state subsidies, the way is clear for the restructured LDK to start afresh.

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.

Popular content

German authorities arrest Solar Fabrik CEO

18 July 2024 The German police have arrested Christian Laibacher, the CEO of German solar manufacturer Solarfabrik, in relation to an investigation by the Würzburg...

Share

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Your email address will not be published.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.