LDK Solar Announces Sanction of Hong Kong Schemes
LDK Solar CO., Ltd. in provisional liquidation ("LDK Solar") and its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, announced that, on November 18, 2014, the High Court of Hong Kong sanctioned the Hong Kong schemes of arrangement of LDK Solar and its subsidiaries, LDK Silicon & Chemical Technology Co., Ltd. and LDK Silicon Holding Co., Limited, each as previously approved by scheme creditors at their class meetings held on October 17, 2014.
"We are very pleased that the High Court of Hong Kong has sanctioned our Hong Kong schemes of arrangement, and this represents a further significant step towards completing our offshore restructuring," stated Xingxue Tong, Interim Chairman, President and CEO of LDK Solar. "We now turn our focus to obtaining the recognition of our LDK Solar Cayman Islands scheme of arrangement and approval of the terms of our pre-packaged plan of reorganization from the U.S. Bankruptcy Court. As always, we remain committed to rebuilding LDK Solar and repositioning ourselves in the PV marketplace to grow our business," concluded Mr. Tong.
The U.S. Bankruptcy Court will hold a hearing on November 21, 2014 to consider confirmation of the prepackaged plan of reorganization and recognition of the Cayman Island scheme of arrangement of LDK Solar.
