LDK Solar Cayman Islands and Hong Kong schemes effective as of Dec. 10

By Caroline Salls

Pittsburgh, Dec. 11 – LDK Solar Co., Ltd.’s Cayman Islands schemes of arrangement for LDK Solar and LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong schemes of arrangement for LDK Solar, LDK Silicon and LDK Silicon Holding Co., Ltd. took effect on Wednesday, according to a news release.

The powers of the company’s joint provisional liquidators were suspended in connection with an order of the Cayman Islands court, and the powers of the LDK Solar directors were restored.

Under the schemes, the completion of the companies’ restructuring transactions will occur on Dec. 17.

LDK Solar is a manufacturer of photovoltaic products and is 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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