LDK seeks further financial understanding
LDK Solar has announced that it has entered into a new 21-day forbearance arrangement with holders of a majority in aggregate principal amount of its US$-Settled 10% Senior Notes due 2014. The new forbearance arrangement, which expires on February 13, 2014, relates to the interest payment due under the Notes on August 28, 2013. That interest payment is still unpaid. It is LDK Solar's intention to find a consensual solution to its obligations under the Notes as soon as possible and LDK Solar remains hopeful that it will be able to achieve that goal. As reported previously, LDK Solar has engaged Jefferies LLC as a financial advisor for strategic advice in connection with the Notes and LDK Solar's other offshore obligations
Sidley Austin is acting as counsel to LDK Solar. LDK Solar understands that Ropes & Gray is acting as counsel to a group of noteholders.. LDK Solar also understands that Houlihan Lokey has been engaged as financial advisor to that same group of noteholders.
