LDK Solar, two subsidiaries’ Hong Kong schemes sanctioned by court

By Caroline Salls

Pittsburgh, Nov. 18 – LDK Solar Co., Ltd.’s Hong Kong scheme of arrangement was sanctioned by the High Court of Hong Kong on Tuesday, according to a news release.

The court also sanctioned the schemes of subsidiaries LDK Silicon & Chemical Technology Co., Ltd. and LDK Silicon Holding Co., Ltd.

As previously reported, creditors approved the schemes in October.

“We now turn our focus to obtaining the recognition of our LDK Solar Cayman Islands scheme of arrangement and approval of the terms of our pre-packaged plan of reorganization from the U.S. Bankruptcy Court,” interim chairman, president and chief executive officer Xingxue Tong said in the release.

“We remain committed to rebuilding LDK Solar and repositioning ourselves in the PV marketplace to grow our business.”

The U.S. Bankruptcy Court for the District of Delaware will consider confirmation of the pre-packaged plan and recognition of the Cayman Islands scheme at a Thursday hearing.

LDK Solar is a manufacturer of photovoltaic products based in Xinyu City, China. The company made a Chapter 15 bankruptcy filing on Oct. 21 under case number 14-12387. LDK’s U.S. subsidiaries’ Chapter 11 case number is 14-12384.

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