LDK Solar Announces Sanction of Cayman Islands Liquidation Scheme

LDK Solar

LDK Solar CO., Ltd. in provisional liquidation and its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, announced today that, on November 7, 2014, the Grand Court of the Cayman Islands sanctioned the Cayman Islands schemes of arrangement of LDK Solar and its subsidiary, LDK Silicon & Chemical Technology Co., Ltd., each as previously approved by scheme creditors at their class meetings held on October 16, 2014.

“We are very pleased that the Grand Court of Cayman Islands has sanctioned our Cayman Islands schemes of arrangement, and this represents a significant step in our offshore restructuring,” stated Xingxue Tong, Interim Chairman, President and CEO of LDK Solar.  “We now focus on also obtaining sanction from the High Court of Hong Kong with respect to our Hong Kong schemes of arrangement, together with the recognition of our LDK Solar Cayman scheme of arrangement and approval of the terms of our pre-packaged plan of reorganization from the U.S. Bankruptcy Court. We look forward to the completion of our restructuring transactions as may eventually be approved through these judicial processes. While we are mindful of difficulties ahead, we remain committed to rebuilding LDK Solar and repositioning ourselves in the PV marketplace to grow our business,” concluded Mr. Tong.

The U.S. Bankruptcy Court will hold a hearing on November 21, 2014 to consider confirmation of the prepackaged plan of reorganization and recognition of the Cayman Island scheme of arrangement of LDK Solar.

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This post was prepared by Solar Thermal Magazine staff.