LDK Solar (LDK +3.3%) is selling a 12.1% stake to Chinese solar peer Fulai Investment for...

|About: LDK Solar Co., Ltd. (LDK)|By:, SA News Editor

LDK Solar (LDK +3.3%) is selling a 12.1% stake to Chinese solar peer Fulai Investment for $31.1M. Fulai is buying 17M LDK shares at a price of $1.83 (LDK's Friday closing price), and is gaining the right to nominate two board members. The investment comes 6 weeks after LDK, which is holding $3.1B in debt, disclosed it's in talks with creditors "to obtain additional flexibility." Like many other solar names, shares have been on a tear since then.