LDK Solar Issues Update on LDK Anhui Purchase Agreement
LDK Solar (NYSE: LDK) today announced that it continues to work with the relevant governmental agencies on the review and approval of the purchase agreement for LDK Anhui. The purchase agreement was announced on January 2, 2013, with Shanghai Qianjiang Group. According to the terms of the agreement, Qianjiang Group agreed to purchase all shares of LDK Anhui, located in Hefei City, for approximately RMB 25 million and release the guarantee LDK Solar provided to LDK Anhui and its subsidiaries within 12 months, as well as compensate LDK Solar for any loss associated with such guarantee, prior to its release. The planned closing date for this purchase agreement was originally set for March 31, 2013 subject to relevant governmental approvals.
"We have been working with relevant governmental agencies on this purchase agreement with Shanghai Qianjiang Group for LDK Anhui," stated Xingxue Tong, President and CEO of LDK Solar. "We will provide further updates when a final approval decision is made."