LDK Solar files for bankruptcy in Delaware

Oct 22, 2014 - Troubled Chinese photovoltaics (PV) maker LDK Solar Co Ltd (NYSE:LDK) yesterday filed for Chapter 15 protection in the US Bankruptcy Court in Wilmington, Delaware.

Also on Tuesday, the company’s US affiliates LDK Solar USA Inc, LDK Solar Tech USA Inc and LDK Solar Systems Inc filed for Chapter 11 protection in Delaware. Bloomberg said the that LDK has listed some USD 1.13 billion (EUR 889m) in debt and USD 510 million in assets as at the end of May.

The China-based maker of solar photovoltaic (PV) wafers, cells and modules has already been 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. The Chinese firm’s restructuring proposal was previously cleared by the Grand Court of the Cayman Islands and the High Court of Hong Kong on October 16 and 17, respectively. Its creditors and two subsidiaries, LDK Silicon & Chemical Technology Co Ltd and LDK Silicon Holding Co Ltd, approved the plan as well.

The Grand Court of the Cayman Islands will hear the petition for LDK's restructuring on November 6, while the Hong Kong court will review the restructuring scheme on November 7.

(USD 1.0 = EUR 0.787)

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