Pursuant to the arrangement, LDK Solar HK agreed to release and discharge SPI from all actions, claims, demands, damages, obligations, liabilities, controversies and executions arising out of SPI's payables of approximately $46 million to LDK Solar HK and subsidiaries, in exchange for a settlement amount of $11 million, in addition to the $17 million already paid by SPI.
Pursuant to the settlement and mutual release agreement, SPI will pay the $11 million additional settlement amount in seven installments before December 31, 2015 in accordance with an agreed schedule. Unless extended with mutual agreement, LDK Solar HK is entitled to revoke the settlement arrangement should SPI default in the payment of any agreed installment for more than 30 days.
