Market Overview

LDK Solar Enters New Forbearance Arrangement With Noteholders

LDK Solar (NYSE: LDK) announced that it has entered into a new 30-day forbearance arrangement with holders of a majority in aggregate principal amount of its US$-Settled 10% Senior Notes due 2014 (the "Notes"). The new forbearance arrangement, which expires on November 26, 2013,  relates to the interest payment due under the Notes on August 28, 2013. That interest payment is still unpaid. It is LDK Solar's intention to find a consensual solution to its obligations under the Notes as soon as possible and LDK Solar remains hopeful that it will be able to achieve that goal. As reported previously, LDK Solar has engaged Jefferies LLC as a financial advisor for strategic advice in connection with the Notes and LDK Solar's other offshore obligations. Holders of LDK Solar's offshore debt obligations may contact Augusto King at aking@Jefferies.com, or Steven Strom at sstrom@Jefferies.com, Lyndon Norley at lyndon.norley@Jefferies.com, or Richard Klein at rklein@Jefferies.com with any questions. 

Sidley Austin is acting as counsel to LDK Solar, led by Thomas Albrecht at talbrecht@sidley.com, and Timothy Li at htli@sidley.com. LDK Solar understands that Ropes & Gray LLP is acting as counsel

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Posted-In: News Guidance Financing Contracts Legal Global

 

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