Grand Court nods to LDK Solar's restructuring in Cayman Islands
Nov 10, 2014 - The Grand Court of the Cayman Islands on Friday sanctioned the restructuring process to be undertaken by troubled photovoltaics (PV) maker LDK Solar Co Ltd (NYSE:LDK), the latter said today.
The Cayman Islands schemes of arrangement of the Chinese company and its unit LDK Silicon & Chemical Technology Co Ltd was previously given the thumbs-up by creditors at class meetings on October 16.
The Chinese firm was placed in provisional liquidation in the US after it failed to make the August 2013 interest payment on its US dollar-settled senior notes, which reached maturity in February 2014.
LDK Solar’s interim chairman, president and chief executive Xingxue Tong today also said that the company is waiting for the High Court of Hong Kong to also sanction its Hong Kong schemes of arrangement. Meanwhile, the US Bankruptcy Court will hold a hearing on November 21 to decide whether to give its nod to LDK’s prepackaged plan of reorganisation and to give recognition of the Cayman Island scheme of arrangement.