News Article
LDK Solar Announces temporary cash-flow shortage
LDK Solar has announced that due to a temporary cash-flow shortage, the company was not able to make full payments to the holders of its 4.75% convertible senior notes due 2013 in an aggregate principal amount of US$23,793,000, plus interest, otherwise due and payable on their maturity date of April 15, 2013.
LDK Solar has, however, privately and individually negotiated with two holders of such convertible notes in the aggregate principal amount of US$16,553,000, and reached settlement with them, shortly before the maturity date, through a partial payment in cash and effectively a loan facility to postpone the repayment of the remaining indebtedness.
LDK Solar had informed The Bank of New York Mellon, as trustee for the holders of the convertible notes, of such non-payment. LDK Solar has said it is ready and willing to discuss and reach a settlement for the remaining convertible notes.