LDK Solar Enters Forbearance Arrangement with Noteholders
XINYU CITY, China and SUNNYVALE, Calif., Sept. 26, 2013 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar"; NYSE: LDK) announced that it has entered into a 30-day forbearance arrangement with holders of a majority of the aggregate principal amount of its US$-Settled 10% Senior Notes due 2014 (the "Notes"). The forbearance arrangement, which expires on October 27, 2013, relates to the interest payment due under the Notes on August 28, 2013. That interest payment remains unpaid. LDK Solar is hopeful that the forbearance arrangement is the first step in achieving a consensual solution to its obligations under the Notes. It is LDK Solar's intention to find a consensual solution as soon as possible. As reported previously, LDK Solar has engaged Jefferies LLC as a financial advisor for strategic advice in connection with the Notes and LDK Solar's other offshore obligations. Holders of LDK Solar's offshore debt obligations may contact Augusto King at aking@Jefferies.com, or Steven Strom at sstrom@Jefferies.com, Lyndon Norley at lyndon.norley@Jefferies.com, or Richard Klein at rklein@Jefferies.com with any questions.
Sidley Austin is acting as counsel to LDK Solar, led by Thomas Albrecht at email@example.com, and Timothy Li at firstname.lastname@example.org. LDK Solar understands that Ropes & Gray LLP is acting as counsel to a group of noteholders, led by Daniel Anderson (email@example.com) and Paul Boltz (firstname.lastname@example.org).
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
Safe Harbor Statement
This press release 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 press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing projects, and other 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 hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the PV industry. 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.
SOURCE LDK Solar Co., Ltd.