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LDK Solar strikes restructuring deal, gets interim financing

  • Holders owning 60% of LDK Solar's (LDK) 10% senior notes due 2014, and 79% of its convertible preferred shares, have backed a restructuring deal for the company's offshore assets.
  • Both the senior note and preferred share holders are being offered $0.20 on the dollar in cash (subject to $50M claim caps), along with equity equal to 8.736%-15% of the claim (paid at $1.586/share) and convertible bonds yielding 5.535%.
  • LDK has also received a commitment letter from shareholder HRX to provide up to $14M in interim financing.
  • A Cayman Islands court will evaluate the deal "on or around" April 2. LDK filed a liquidation petition in the Cayman Islands roughly a month ago.
  • Shares have been halted since Feb. 24.
Comments (1)
  • evjohn
    , contributor
    Comments (131) | Send Message
    Maybe LDK will rise from the ashes, but I doubt it.
    28 Mar, 08:13 PM Reply Like
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