LDK Solar begins Cayman restructuring proceedings; chairman resigns

By Caroline Salls

Pittsburgh, Aug. 29 – LDK Solar Co., Ltd. filed a petition to begin its restructuring proceedings in the Grand Court of the Cayman Islands, according to a company news release.

The first hearing in the case is scheduled for Sept. 12. At that hearing, LDK will seek court approval to hold creditor meetings on Oct. 14 for consideration of its scheme of arrangement.

In addition, the company said it accepted the resignation of chairman and director Xiaofeng Peng, effective immediately.

LDK said it will form a search committee to find a new chairman. In the meantime, president and chief executive officer Xingxue Tong will also act as interim chairman to guide the company through the completion of its offshore restructuring.

Peng will resign from his executive and director positions with various LDK subsidiaries but will be retained as a senior consultant to the company and its subsidiaries. Peng will also be named chairman emeritus.

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

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