LDK Solar Announces Filing of Schemes of Arrangement in Hong Kong

GEORGE TOWN, Cayman Islands, XINYU CITY, China and SUNNYVALE, Calif., Sept. 8, 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, subsequent to the filing on August 29, 2014 by the Company and its subsidiary, LDK Silicon & Chemical Technology Co., Ltd. ("LDK Silicon"), of the petition to commence their restructuring proceedings in the Grand Court of the Cayman Islands (the "Cayman Court"), the Company, LDK Silicon and LDK Silicon Holding Co., Limited ("LDK Silicon Holding") have today each applied to file an originating summons to commence their restructuring proceedings in the High Court of Hong Kong (the "Hong Kong Court"). The Company is awaiting confirmation of the date of the first hearing before the Hong Kong Court. At that hearing, the Company, LDK Silicon, LDK Silicon Holding and the JPLs will seek orders to convene meetings of the scheme creditors of the Company, LDK Silicon and LDK Silicon Holding on or around October 17, 2014, Hong Kong time, to consider and approve their respective Hong Kong schemes of arrangement. Similarly, the Company, LDK Silicon and the JPLs will seek orders to convene meetings of the scheme creditors of the Company and LDK Silicon on or around October 16, 2014, Cayman Islands time, to consider and approve their respective Cayman Islands schemes of arrangement.

On September 5, 2014, the Company and LDK Silicon filed evidence in support of their application to the Cayman Court for orders convening meetings of their scheme creditors, including the proposed Explanatory Statement relating to the Cayman and Hong Kong schemes of arrangement. The Company also submitted a periodic report on Form 6-K to the U.S. Securities and Exchange Commission on September 8, 2014 containing such Explanatory Statement (with certain appendices omitted).

In addition, as a result of the resignation by Mr. Xiaofeng Peng, former Chairman of the Company, on August 29, 2014, Mr. Xingxue Tong, current President and Chief Executive Officer of the Company, has since assumed the Interim Chairman position during the transition period before a permanent Chairman is identified and appointed. To enhance the corporate governance of the Company during this interim period, the Board of Directors of the Company (the "Board"), with the consent of the JPLs, has established an interim executive committee (the "Executive Committee"), effective September 4, 2014, to supervise and support the work of the Interim Chairman during the provisional liquidation of the Company and to be responsible and to report to the Board, subject to the authority of the JPLs as sanctioned by the Cayman Court. The Board also approved, with the consent of the JPLs, that the Executive Committee be composed of three existing members of the Board: (1) Mr. Zhibin Liu (director of Heng Rui Xin Energy (HK) Co., Limited, a major shareholder of the Company and an affiliate of the Xinyu City government), (2) Mr. Xingxue Tong (current President and Chief Executive Officer of the Company), and (3) Mr. Shi Chen (member of the Board nominated by Fulai Investments Limited, a major shareholder of the Company). The Executive Committee is headed by Mr. Zhibin Liu and is subject to dissolution by the Board when a permanent Chairman of the Board has been identified and appointed.

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. 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 U.S. 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 Co., Ltd.