LDK receives go ahead for financial restructing in Cayman Islands
LDK Solar, in provisional liquidation and its Joint Provisional Liquidators Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman Islands), have announced that LDK Solar has received sanction from the Grand Court of the Cayman Islands to enter into the funding commitments and amendments to the restructuring support agreements.
The sanction granted by the Cayman Court on August 11, 2014 is a positive step to enabling the offshore restructuring to continue to be progressed and allows the JPLs to work toward finalizing and filing the scheme of arrangement (the "Scheme") documentation with the Cayman Court by August 31, 2014. Once filed, it is anticipated that the application for orders convening meetings of the various classes of the Company's creditors (the "Meetings") to vote on the Scheme will be heard by the Cayman Court by mid-September 2014. Assuming that the Cayman Court convenes the Meetings, the JPLs will write to all known creditors to advise of the date, time, location and dial-in details for the Meetings.