LDK Solar unable to make full payment on 4.75% notes, inks settlements

By Caroline Salls

Pittsburgh, April 16 - LDK Solar Co., Ltd. was not able to make full payments to holders of its $23.79 million of 4.75% convertible senior notes due 2013 that were due on the April 15 maturity date because of a temporary cash-flow shortage, according to a news release.

LDK said it reached a settlement with two holders of a total of $16.55 million of the notes shortly before the maturity date to make a partial cash payment and postpone the repayment of the remaining debt through a loan facility.

The company said it is willing to discuss a settlement for the remaining convertible notes.

LDK Solar is a Xinyu City, China-based producer of solar wafers and photovoltaic products.

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