LDK Q4 shipments disappoint

Customers appear to be fleeing from China’s LDK Solar as it careens towards insolvency or some sort of bailout, with the manufacturer’s fourth-quarter shipments and revenues coming in sharply less than it forecast in December.

LDK president Xingyue Tong bluntly stated that the company is “working closely with our stakeholders and the relevant governmental agencies” to find a pathway back to financial stability, after posting a loss of $517m for the fourth quarter – its seventh straight quarterly deficit – only days after defaulting on some of its bonds.

The depth of the hole which LDK finds itself in is breathtaking, even by the standards of the struggling PV manufacturing sector. Its operating margin for the fourth quarter was a negative 300.8%.

The company blames the Log in to read complete article.

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