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LDK Solar

LDK Solar Delisted From NYSE

LDK Solar Delisted From NYSE

written by CleanTechies Staff

The New York Stock Exchange (NYSE) announced earlier this week that it would suspend trading and delist the shares of LDK Solar Co.  In its announcement, the NYSE cited LDK’s “abnormally low” price for the shares, which had been falling for years and by February were trading below $1.

LDK, China’s second largest maker of solar wafers, has been in financial dire straits for quite some time.  In the fourth quarter of 2013, the company secured a $256 million credit facility from a syndicate of Chinese banks.  The terms of the credit facility were limited to financing LDK’s onshore operations in Jiangxi Province in China, preventing the funds from being used to service existing debt.

The company is seeking to restructure nearly $3 billion in debt after failing to pay a bond that matured in February.  The company noted in an announcement on Tuesday that it wishes to “reiterate their commitment to continuing to work with LDK Solar’s offshore creditors to achieve the restructuring of LDK Solar’s offshore liabilities.”   LDK further noted that “restructuring support agreements have been signed by holders of approximately 60% in aggregate principal amount of the Company’s 10% Senior Notes due 2014 and by holders of approximately 79% of the convertible preferred shares issued by an affiliate of the Company and involving claims against the Company.”  LDK also recently received a commitment letter from Heng Rui Xin Energy (HK) Co., Limited, an existing shareholder of the Company, to provide interim financing up to an aggregate principal amount of $14 million.



April 2, 2014 0 comment
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