Cayman Islands liquidators approved for LDK Solar; shares halted

Struggling, debt-laden LDK Solar (LDK) has filed a winding-up (liquidation) petition in the Cayman Islands on grounds of insolvency. Joint provisional liquidators have been appointed by a local court. (PR)

A further hearing of the petition is set for April 2, during which creditors can register complaints. LDK says talks with debtholders remain ongoing.

The company insists it has "no intention of initiating any debt restructuring proceedings" for its Chinese ops, and that its Chinese bank group has "expressed unanimous support" for continued talks with offshore creditors.

LDK had over $2.8B in debt at the end of Q3, and $226M in cash. The company had agreed to a series of debt forbearance deals with creditors before making its filing.

Comments (1)
  • WaterGateDiner
    , contributor
    Comments (5) | Send Message
    Another great score for Wall Street profiting. Shorting Chinese Solar, circa 2008-9 in order to follow the profitability offered American investors, a continuance of RR, Clinton, and mostly GWB, all reminiscent of the removal of Glass-Steagall. Brooksley Born an ethical has been—insignificant civil servant—or just someone performing her work in proper fashion? Who really cares? Give me stock profit regardless of the finished product and its impact. Remember to blame the group and not oneself.


    Yesterday, we watched as Gov. Schwarzenegger used the birth certificate social line to follow up with Frank Asbeck of SolarWorld, to walk the dog into the White House, gain an impression upon President Obama, who was maneuvered into paying a bill to a Republican-German connective support. The date was November 2011 and Obama did not fail to place a 3.1% immediate tariff on Chinese solar. He sent the concept to the Commerce Department for the blessing by HC (and the 700 club?) Everything executed well, within a window between Nov 2011 & Feb 2012, Great!!!!!


    Did we Americans dump our credit debt, owed to the Chinese, via our taste for consumer goods? Did the market collapse support the debt into an American business favor, yup. GWB thought he was great; inclusive of the derivative bundling. (I am done with my Chinese made toaster, where is the Pacific Gyre?) I am sure Iceland is none too pleased with the bundling. Maybe not directly but the ethics of four jets and 911 keep the Icelanders wondering about the effectiveness of the derivative upon their capital accounts, circa 2008. America spread the brilliance of GWB with the incorporation of the derivative into the financial capital of the world. City Bank, led by Robert Reich made a killing. American gov’t illegally (due rules of international trade law) bailed out failing corporate interests, banks and autos. From Robert Reich to Jon Stewart, you can see it all. A Good American would walk away from this thought.


    Today, we are energy secure, fracking our hearts and souls out, for American jobs, creating more externalities than James Hanson believes is healthy. Petroleum mining is damaging public lands and consuming vast quantities of scarce water supplies. For the faithful consumers of the Western world, and the Russians, the US and Russia will compete to lower the cost of LNG. Maybe not as clean as solar but seems the wrong way to fly today anyway. At least we made money on Wall Street shorting Chinese solar and brought some loaned T-bills home from China as we consumed the value of STP and LDK. Free market enterprise?


    Truthfully, so what if the Chinese saw the coming global condition and the need for renewable energy, as a couple of innovative Chinese entrepreneurs invested heavily into developing a strong supply leg for solar. We needed it, and still do! How do we bring the cost down for all inclusive of the average Chinese citizen if we do not subsidize solar? As the Chinese industrialized but developed a mass production toward reasonable energy, why should Americans fail to see the relationship to GWB’s free market system in action, particularly if it ain’t oil? We sided with one or two corporate interests in Germany and in Texas to destroy a fine developing solar sector. Maybe we only hampered Chinese solar a bit and ridded the world of entrepreneurial expansionist evil or the likes of Dr. Zhengrong Shi of STP and Mr. XiaoFeng Peng of LDK.


    Shorting Stock is ethical and legal. Undercutting (shoring stocks from the free market failure, bank stocks) with governmental bailouts is legal…in America. Dumping is not Monsanto production into Indian farming by performing market failure via pull economics, lest rejection by Indian farmers to assume the position of Monsanto production technique. Hell we did it with Coke. But watch out, NO dumping of a fine product, Chinese solar, it is illegal! Global customers would have been far better off and we would be closer toward promoting a healthy earth by leaving the Chinese solar market alone. But we are looking at global need and ethics not legalities. Obama vehemently struck out at shorting on Wall Street, circa 2008 and 2009. What happened to green energy concern?


    America has broadened paper investment control and an ability to value things toward American leadership, to include favoring the 1% for investment opportunity—by legislation. By the removal of Glass-Steagall via the Financial Securities Act and the Commodity Futures Bill, our nation was able to produce: paper and financial control. I love America and the ability to earn while I play the stock market, for everything healthy and for our future—inclusive of meeting our children’s concerns. But, as GWB continually reminded us, free market is good business. Well for me, where is our free market for alternative energy?


    We are continually playing into the hands of big petroleum. We observed two entrepreneurs, STP and LDK attempt to gain access into the world stage with a fine energy production concept. City Bank and home mortgages made speculative profit for the few (now 5% of labor’s homes are capital class opportunity to place Wall Street earnings into when the end of QE contracts the markets). Four jets and twin towers produced a wave of productive fear to invade and control oil, or to make production profit for the weapons industry, or both! And today, oil trains fall off the tracks on overused train lines killing the innocent. (Speaking of, would a trucker allow his rig to be overtly used? If this were a BP spill would political interests step in and demand an accounting?) We are witnessing a method of destruction aimed at normal citizens to have no choice but to accept Keystone XL. If Koch fails to get his pipeline the trains will tax their delivery system and kill innocent Americans. What we are observing is a spoiled continuance similar to special interests as was Frank Asbeck of Solar World and Arnold Schwarzenegger who enter the White House and walk the dog for a commitment of self interest to continue the destruction of a supply chain of Chinese solar.


    America induced the market collapse upon the world and we bail out corporate interests, illegal to international rules of free trade. The IPCC continues to progress concern for our globe, we need green energy.


    B Al Gore's Leer Jet:
    Donald T. Coughlin
    White Mexican-Irish American, Democrat, Union, and Energy Economics Activist.
    28 Mar 2014, 09:23 PM Reply Like
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