LDK Solar Announces Arbitration Award of $31M by Venice Court of Appeal
LDK Solar (NYSE: LDK) today announced that after a long dispute with Italy-based Helios Technology S.p.A., the Venice Court of Appeal declared on January 16, 2013 that, according to the ICC Rules of Arbitration, the 2010 award in favor of LDK Solar is valid, effective and enforceable in Italy.
The Venice Court of Appeal upholds that the "take or pay" clause in the wafer supply contract entered into in October 2008 between LDK Solar and Helios is valid and effective throughout its duration and at terms and conditions related to quantities and prices set forth therein. By virtue of the decision of the Venice Court of Appeal, Helios is required to pay LDK Solar an amount of approximately $31 million plus interest, costs for the arbitration proceedings and lawyers' fees. The Venice Court of Appeal issued the provision after verifying that all the stipulations on the international arbitration are not contrary to Italian legal order and that there are no impediments to the acceptance of the conditions required for the effectiveness of the award itself.
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