SolarIndustryMag.com: LDK Solar Negotiates Loan Forbearance

LDK Solar Negotiates Loan Forbearance

by SI Staff on Wednesday 03 October 2012

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China-based PV manufacturer LDK Solar Co. Ltd. says that LDK New Energy Holding Ltd. (LDK New Energy), the controlling shareholder of LDK Solar, has been negotiating with its lenders with respect to a loan outstanding under a credit agreement, as amended.

The lenders have agreed to forbear from exercising their power of sale with regard to part of the pledged collateral arising as a result of various prior defaults under the credit facility by LDK New Energy for a period of 12 months toward the end of September 2013, subject to terms and conditions.

LDK New Energy has pledged collateral, including ordinary shares and American depository shares of LDK Solar, representing approximately an aggregate of 52.9% of LDK Solar's total outstanding share capital.

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