LDK Solar finalises debt restructuring

Dec 19, 2014 - Chinese photovoltaics (PV) maker LDK Solar Co Ltd (NYSE:LDK) said yesterday it has completed the debt restructuring schemes for its Cayman Island and Hong Kong units as of December 17.

The schemes of arrangement of the Chinese company and its subsidiaries LDK Silicon & Chemical Technology Co and LDK Silicon Holding Co were sanctioned by the Grand Court of the Cayman Islands and the High Court of Hong Kong earlier. The plans were previously cleared by creditors at class meetings in October.

LDK Solar defaulted on the August 2013 interest payment on its US dollar-settled senior note and has been unable to make it since then. The 10% notes reached maturity in February 2014. The restructuring scheme was agreed in March by holders of some 60% of LDK Solar’s principal amount of notes.

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