LDK Solar claims committed to offshore creditors after NYSE suspension

By Kali Hays

New York, April 1 - LDK Solar Co., Ltd. said that it is committed to working with its offshore creditors in the restructuring of offshore liabilities in light of the New York Stock Exchange suspending trading of the company's American depository shares and beginning delisting proceedings, according to a Tuesday news release from the company.

The company said its joint provisional liquidators, Zolfo Copper's Tammy Fu and Elanor Fisher, are "evaluating all of their options with respect to the NYSE's announcement" and that they have made "significant progress towards achieving an offshore restructuring."

The company also said that restructuring support agreements have been signed by "approximately 60% in aggregate principle amount of the company's 10% senior notes due 2014 and the holders of approximately 79% of the convertible preferred shares issued by an affiliate of the company and involving claims against the company," according to the release.

As previously reported, the company entered restructuring support agreements from holders of its 10% senior notes due 2014 and convertible preferred shares and a commitment from shareholder Heng Rui Xin Energy (HK) Co., Ltd. (HRX) for up to $14 million in interim financing.

LDK Solar is a manufacturer of photovoltaic products based in Xinyu City, China.

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