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LDK Solar Co., Ltd. Message Board

  • tigwid tigwid Oct 2, 2012 9:20 AM Flag

    Lenders Agreed to Forbear with Respect to LDK Solar Securities Pledged Under LDK New Energy Loan Facility

    whatever that means...

    long term sentiment disclosure: DGAF

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    • It means that LDK will get another year to get their act together to repay loans rather than having shares or property liquidated to pay off those loans.

      XINYU CITY, China and SUNNYVALE, Calif., Oct. 2, 2012 /PRNewswire/ — LDK Solar Co., Ltd. (“LDK Solar”) (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, today announced that it understands that LDK New Energy Holding Limited (“LDK New Energy”), the controlling shareholder of LDK Solar, has been negotiating with its lenders with respect to the loan outstanding under a credit agreement, dated as of September 26, 2011, as amended (the “Credit Facility”), among LDK New Energy and the lenders, pursuant to which LDK New Energy has pledged collateral, including ordinary shares and ADSs of LDK Solar representing approximately an aggregate of 52.9% of LDK Solar’s total outstanding share capital. LDK Solar further understands that such lenders have agreed to forbear from exercising their power of sale with regard to certain of the pledged collateral arising as a result of various prior defaults under the Credit Facility by LDK New Energy for a period of 12 months toward the end of September 2013, subject to terms and conditions in the forbearance arrangement and negotiation and finalization of the definitive documentation, including an amended and restated Credit Facility.

    • margin call

      XINYU CITY, China and SUNNYVALE, Calif., Oct. 2, 2012 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, today announced that it understands that LDK New Energy Holding Limited ("LDK New Energy"), the controlling shareholder of LDK Solar, has been negotiating with its lenders with respect to the loan outstanding under a credit agreement, dated as of September 26, 2011, as amended (the "Credit Facility"), among LDK New Energy and the lenders, pursuant to which LDK New Energy has pledged collateral, including ordinary shares and ADSs of LDK Solar representing approximately an aggregate of 52.9% of LDK Solar's total outstanding share capital. LDK Solar further understands that such lenders have agreed to forbear from exercising their power of sale with regard to certain of the pledged collateral arising as a result of various prior defaults under the Credit Facility by LDK New Energy for a period of 12 months toward the end of September 2013, subject to terms and conditions in the forbearance arrangement and negotiation and finalization of the definitive documentation, including an amended and restated Credit Facility.

      • 1 Reply to humongous_fungus_among_us
      • Yes would means Peng and his family holding company for his shares (LDK New Energy Holdings)has violated the terms of his personal loans and are in breach by not making payments. That for now, the banks are not going to demand the shares be released to them and sold on the open market. It would suggest that Peng is likely banrupt as LDK was his major holdings however based on some LDK SEC filings, he owes far more than the shares are worth.

        Kinda like LDK itself, the shareholder equity is listed at far more than it is probably really worh. In my honest opinion that would be some $1.5 billion stated values vs what is is probably worth.

        Both in my opinions right are wrong, should be bankrupt by now.

 

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