LDK Solar announces arbitration award with Canadian Solar in China

theflyonthewall.com

LDK Solar (LDK) announced that the China International Economic and Trade Arbitration Commission, or CIETAC, stated that the wafer supply contracts entered into in October 2007 and June 2008 between LDK Solar and Canadian Solar (CSIQ) and its China-based subsidiary affiliate are valid and effective through the duration and at terms and conditions related to quantities and prices set forth therein. On December 12 CIETAC stated that by virtue of the arbitration proceedings Canadian Solar shall pay to LDK Solar an amount of approximately RMB 248.9M, including RMB 60M paid as a deposit and additional cash of RMB 188.9M, to compensate LDK Solar for the loss of profitability as well as approximately an additional RMB 2M to cover arbitral fees accrued as a result of this proceeding.

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