LDK Solar Secures Court Sanction for Funding Commitments for Its Offshore Restructuring
GEORGE TOWN, Cayman Islands, XINYU CITY, China, and SUNNYVALE, Calif., Aug. 13, 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 LDK Solar has received sanction from the Grand Court of the Cayman Islands (the "Cayman Court") to enter into the funding commitments and amendments to the restructuring support agreements detailed in the press release issued on July 31, 2014.
The sanction granted by the Cayman Court on August 11, 2014 is a positive step to enabling the offshore restructuring to continue to be progressed and allows the JPLs to work toward finalizing and filing the scheme of arrangement (the "Scheme") documentation with the Cayman Court by August 31, 2014. Once filed, it is anticipated that the application for orders convening meetings of the various classes of the Company's creditors (the "Meetings") to vote on the Scheme will be heard by the Cayman Court by mid-September 2014. Assuming that the Cayman Court convenes the Meetings, the JPLs will write to all known creditors to advise of the date, time, location and dial-in details for the Meetings.
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 is registered in the Cayman Islands. The group's principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. For more information about LDK Solar and its products, please visit www.ldksolar.com.
SOURCE LDK Solar Co., Ltd.