LDK Solar seeks Cayman liquidators

An LDK plant in China

An LDK plant in China

Embattled Chinese PV giant LDK Solar said it has filed for the appointment of provisional liquidators in the Cayman Islands, days before the latest deadline expires for a much-postponed bond payment.

LDK said it has filed with the Grand Court of the Cayman Islands, where the company is incorporated, “in connection with its plans to resolve its offshore liquidity issues”.

A previous interest payout on the bond was due last August, and LDK has since negotiated a string of “forbearance” extensions with its creditors while it tries to restructure its loans. The latest deadline is on Friday (28 February).

Despite the court filing, the  PV manufacturer claimed it “has made considerable progress in its discussions with its key offshore creditors...LDK Solar  intends to continue such discussions over the next few days and Log in to read complete article.

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