One of China's leading solar firms, LDK Solar Co., Ltd., has completed restructuring debts in Hong Kong, the United States and the Cayman Islands, the company said Thursday.
The debt restructuring transaction between the company, senior bondholders and preferred shareholders was completed Wednesday, with a total value up to 700 million U.S. dollars, said Peng Shaomin, a spokesperson for the photovoltaic (PV) products manufacturer based in Xinyu, east China's Jiangxi Province.
The company is the first firm in the PV production sector in China to finish its offshore debt restructuring. Affected by the global economic slowdown and the punitive anti-dumping duties levied by the United States and the European Union, the industry has experienced difficulties in recent years.
Figures show LDK Solar suffered a loss of 1.3 billion yuan (211 million U.S. dollars) in 2013, compared with the loss of 4.3 billion yuan in 2012.
According to Peng, the company will put more emphasis on developing Chinese and other emerging markets to mitigate the negative impact from the developed countries, such as the United States and Canada, because of the anti-dumping duties imposed by those countries.
LDK Solar successfully listed in New York in 2007.
XINYU CITY, China and SUNNYVALE, Calif., Dec. 12, 2014 /PRNewswire/ -- LDK Solar CO., Ltd. in provisional liquidation ("LDK Solar" or the "Company") today announced that its Chinese subsidiary, LDK Solar Hi-Tech (Nanchang) Co., Ltd. ("LDK Solar Nanchang"), has signed a new module supply agreement with Ningxia Hui Autonomous Region Electric Power Design Institute, a leading EPC company in China and owned by Power Construction Corporation of China. Under terms of the agreement, LDK Solar Nanchang will provide modules totaling 30.6 megawatts for a solar project in Ningxia with shipments commencing immediately.
"We are pleased to enter into this new agreement with Ningxia Hui Autonomous Region Electric Power Design Institute," stated Xingxue Tong, Interim Chairman, President and CEO of LDK Solar. "With this solar project in Ningxia, we reiterate our commitment to our customers in the China domestic market and in the international markets," concluded Mr. Tong.
I'm wondering whether it may just be a problem with the PRC's PTO site.
I tried to run several searches there today (nothing to do with LDK) and repeatedly got an error return, regardless what search terms I used (e.g., known application number, company, applicant, title, etc.).
Yea, not LDK.
LDK needs to get their poly costs down to be competitive.
Daqo, using the similar technology, has poly costs to $13/kg.
Those fluid bed reactors are projected at costing $6/kg.
this board used to have a post every second, some very silly, by few others quite interesting.
Well, looks like just you and I are the only ones still here. I have held this LDK since 2010 and still holding. Stupid me or not?? lol. But still hoping they finally throw us long holder some type of a bone!!!
I really hope this is some good news and the stock goes up for a change as opposed to it's continuous down trend!!!
Anyone else here have an opinion.??? Are you still a holder??
"We are very pleased that the U.S. Bankruptcy Court has confirmed our prepack plan for our U.S. subsidiaries and has recognized our Cayman Islands scheme of arrangement. The U.S. Bankruptcy Court's rulings, which follow favorable rulings from the Grand Court of the Cayman Islands and the High Court of Hong Kong, are the final court approvals necessary for us to execute the various documents with our creditors to consummate the international restructuring of our offshore liabilities," stated Xingxue Tong, Interim Chairman, President and CEO of LDK Solar. "Now with more than US$700 million in our offshore claims judicially approved for restructuring, we can focus our attention on rebuilding LDK Solar's position in the marketplace," concluded Mr. Tong.
Maybe LDK should trade their policy plants to GCL for their wafer manufacturing. Obviously, LDK does not do poly well.
Why is GCL expanding panel manufacturing and disposing of wafer manufacturing?
The obvious answer is that there is little to no money in manufacturing wafers any longer. Still, it is puzzling to me.
Ok. Anyone have an opinion about this news.. is this a good thing for us last few standing shareholders? I have notice the stock trading upward as of recent. . Tell us your thoughts.. thanks!
The Cayman Court is scheduled to hear the petition in respect of the Cayman Islands schemes of arrangement on November 6, 2014 at 9:30 a.m. (Cayman Islands time), at which hearing the Cayman Court will determine whether or not to sanction the Cayman Islands schemes of arrangement. Similarly, the Hong Kong Court is currently scheduled to hear the petition in respect of the Hong Kong schemes of arrangement on November 7, 2014 at 10:00 a.m. (Hong Kong time), at which hearing the Hong Kong Court will determine whether or not to sanction the Hong Kong schemes of arrangement.
"...it is no expensive to gamble with this penny stock, isn't it :) ?"
That depends on how long you need to hold on, doesn't it? Remember, there is an annual depositary service fee of $0.02 per share assessed. At the current price level, that's, effectively a 10% or so interest charge just to hold it in your account.
I think the critical point would be around 0.35-0.40 $ ...If we fly through this, I think it is going get momentum similar to SOPW - from 0,03 to almost 3 $ or 8x in 3 months ...
I am using any opportunity to buy it and let it cash it one day ...it is no expensive to gamble with this penny stock, isn't it :) ? From this level, it could go only up or just slightly down (to zero :) )