LDK Solar Sued for $16M Loan Default in China -WantChinaTimes

LDK Solar

has defaulted on a a $16 million loan and is being sued by the Shanghai Rural Commercial Bank, according to

. As of September 30, 2012, LDK has accumulated a non-current liability of $609 million, long-term borrowing of $513 million and a short-term loan of $1.3 billion. Other solar firms are being affected by the credit crisis, which has been intensified due to overcapacity issues and the EU and US anti-dumping regulations.