LDK Solar says U.S. companies will file pre-packaged bankruptcy plan

By Kali Hays

New York, Sept. 18 – LDK Solar Co., Ltd. announced plans for three of its U.S. subsidiaries, LDK Solar USA, Inc., LDK Solar Tech USA, Inc. and LDK Solar Systems, Inc., to file a joint pre-packaged Chapter 11 plan of reorganization, according to a Thursday news release.

The U.S. companies have begun the solicitation of the plan among holders of the company’s 10% senior notes due 2014.

The deadline for noteholders to submit votes is Oct. 15.

Details of the plan were not immediately available.

As previously reported, LDK Solar Co., LDK Silicon & Chemical Technology Co., Ltd. and LDK Silicon Holding Co., Ltd. applied an originating summons to begin restructuring proceedings in the High Court of Hong Kong on Sept. 8.

The Hong Kong Court scheduled a Sept. 23 hearing on the companies’ restructuring application, according to the release.

LDK Solar Co. filed a petition to begin its restructuring proceedings in the Grand Court of the Cayman Islands on Aug. 29.

The Cayman Islands Court directed LKD Solar and LDK Silicon to convene class meetings of creditors on Oct. 16 and Oct. 17.

The Cayman Islands Court also scheduled a Nov. 6 hearing on the company’s proposed schemes of arrangement

According to the news release, the court proceedings are designed to implement LDK Solar’s plan for restructuring all offshore operations, which LDK Solar said it “hopes to conclude” in November.

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

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