LDK Solar fails to close debt gap

LDK Solar narrowed its net loss in the third quarter and crowed about improving PV market conditions, but its modestly improved performance left the company a very long way from being in a position to repay its creditors.

LDK, which posted a net loss of $127m for the third quarter, its 10 straight quarterly deficit, simultaneously announced a follow-on “forbearance agreement” with a majority of holders of the bonds for which the Chinese PV manufacturer skipped its interest payments in August.

This time the reprieve is only for two weeks, meaning the interest payments are due again on 10 December.

LDK lost $165.3m during the second quarter of 2013, but its modestly improved third-quarter performance comes amid a significant sweetening in global PV market dynamics.

Several major Chinese PV manufacturers have already returned to profitability, including Log in to read complete article.

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