LDK Solar Commences Chapter 11 and Chapter 15 Cases at U.S. Bankruptcy Court
GEORGE TOWN, Cayman Islands, and SUNNYVALE, Calif., Oct. 22, 2014 /PRNewswire/ -- 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 today that on October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc. (collectively, the "U.S. Debtors") filed voluntary petitions to reorganize under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Chapter 11 Cases"). The U.S. Debtors commenced the Chapter 11 Cases in order to implement the prepackaged plan of reorganization (the "Prepackaged Plan"), with respect to which the U.S. Debtors launched a solicitation of votes on September 17, 2014 from the holders of LDK Solar's 10% Senior Notes due 2014 (the "Senior Notes"), as guarantors of the Senior Notes, and required such holders of the Senior Notes to return their ballots by October 15, 2014. Holders of the Senior Notes voted overwhelmingly in favor of accepting the Prepackaged Plan.
Contemporaneously with the filing of the Chapter 11 Cases, on October 21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy Court for recognition of the provisional liquidation proceeding in the Grand Court of the Cayman Islands, as previously announced by LDK Solar (the "Cayman Proceeding"), as a foreign main proceeding under Chapter 15 of the United States Bankruptcy Code (the "Chapter 15 Case").
At a hearing on October 22, 2014, the U.S. Bankruptcy Court ordered customary relief including the authority for the Debtors to continue to maintain their existing banking structure, to honor all obligations to employees, and to continue all of their ordinary course activities during the restructuring. The U.S. Bankruptcy Court also scheduled a hearing for November 21, 2014 at which it will consider confirmation of the Prepackaged Plan and Chapter 15 recognition of the Cayman Proceeding.
Both the Chapter 11 Cases and Chapter 15 Case are vital steps in LDK Solar's offshore restructuring, which LDK Solar hopes to conclude in 2014. More information about the Chapter 11 Cases and Chapter 15 Case are available on the website of the U.S. Debtors' U.S. Voting Agent, Epiq Bankruptcy Solutions, LLC, at (http://dm.epiq11.com/LDK).
Cautionary Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including risks and uncertainties disclosed in LDK Solar's filings with the U.S. Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date such information was prepared and on its expectations, assumptions, estimates and projections as of such date. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
About LDK Solar in provisional liquidation
LDK Solar Co., Ltd. in provisional liquidation is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar, through its operating subsidiaries, manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's subsidiary office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ldk-solar-commences-chapter-11-and-chapter-15-cases-at-us-bankruptcy-court-425606521.html
SOURCE LDK Solar Co., Ltd.
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