LDK Solar Announces Filing of Scheme of Arrangement and Resignation of Xiaofeng Peng
GEORGE TOWN, Cayman Islands, XINYU CITY, China and SUNNYVALE, Calif., Aug. 29, 2014 /PRNewswire/ -- LDK Solar Co., Ltd. in provisional liquidation ("LDK Solar" or the "Company") and its Joint Provisional Liquidators ("JPLs"), Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, today announced that the Company has filed the petition commencing its restructuring proceedings in the Grand Court of the Cayman Islands (the "Grand Court"). The first hearing before the Grand Court will take place on September 12, 2014. At that hearing, orders will be sought convening meetings of the Company's creditors on or around October 14, 2014 to consider and approve the scheme of arrangement.
The Company also announced today that it has accepted the resignation of Mr. Xiaofeng Peng as Chairman and as a Director of the Company effective immediately. The Company will form a search committee to find a new Chairman. In the meantime, Mr. Xingxue Tong, currently the President and Chief Executive Officer of the Company, will also act as Interim Chairman to guide the Company through the completion of its offshore restructuring. Mr. Peng will resign from his executive and director positions with various subsidiaries of the Company but will be retained as a senior consultant to the Company and its subsidiaries. In recognition of his many contributions to the Company since its founding, Mr. Peng will be named Chairman Emeritus for the Company.
Cautionary Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date such information was prepared and on its expectations, assumptions, estimates and projections as of such date. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
About LDK Solar in provisional liquidation
LDK Solar Co., Ltd. in provisional liquidation is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar, through its operating subsidiaries, manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's subsidiary office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
SOURCE LDK Solar