LDK Solar argues against NYSE delisting
LDK Solar Co., Ltd. in provisional liquidation and its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper have announced that LDK Solar has requested a review of the decision made on March 31, 2014 by the Staff of NYSE Regulation, Inc. to suspend trading in the Company's American depositary shares on the New York Stock Exchange (the "NYSE") and to commence delisting proceedings. A date will now be set for a hearing before a Committee of the Board of Directors of NYSE Regulation (the "Committee").
In its hearing request, LDK Solar made several arguments why LDK Solar should remain listed, including that a listing decision should not be made until LDK Solar completes its on-going restructuring efforts.
LDK Solar will provide a further update following receipt of the Committee's final decision, which is expected within the next 60-120 days.
The Company's ADSs are currently trading on the OTCQB market under the symbol "LDKSY" while trading is suspended on the NYSE. No action will be taken by NYSE Regulation to delist the Company's securities from the NYSE pending the outcome of the hearing, while trading on the NYSE will remain suspended until the Committee issues its decision.
