Loan woe at LDK-owned Sunways

A Sunways plant in Germany

A Sunways plant in Germany

German PV cell and inverter maker Sunways says an outstanding credit facility has been recalled by lenders concerned about the company and the broader industry, representing another blow for parent company LDK Solar.

While the size of the credit facility is relatively modest – €6.6m ($8.6m) – and was due to expire in September, Sunways says it is stuck negotiating a repayment plan in order “to secure the company’s existence” after the banks exercised their “extraordinary termination rights”.

Sunways also postponed the publication of both its 2012 financial statements due on 30 April and, pre-emptively, its half-year 2013 report due later this year.

The move comes after a period of heavy churn at the top of Sunways, with LDK rotating in a number of its own executives into top positions, Log in to read complete article.

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