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LDK Solar sets June 26 hearing with NYSE, reports revenue increase
By Kali Hays
New York, April 17 - LDK Solar Co., Ltd. and its joint provisional liquidators, Tammy Fu and Eleanor Fisher of Zolfo Copper, have scheduled a June 26 review hearing with the New York Stock Exchange regarding the NYSE's decision to suspend trading of the company's American Depositary Shares and to begin the process of delisting the company, according to a Thursday news release from the company.
As previously reported, LDK Solar requested the review, claiming it should remain listed on the NYSE until it has completed its ongoing restructuring efforts.
The company has entered into restructuring support agreements with holders of its 10% senior notes due 2014 and convertible preferred shares and a commitment from shareholder Heng Rui Xin Energy (HK) Co., Ltd. (HRX) for up to $14 million in interim financing.
LDK Solar also disclosed unaudited financial information related to its third and fourth quarters to the NYSE that showed 36.5% and 74.4% revenue growth, respectively, and a reduction in net losses of 30.2% and 22%.
The increase in revenue is "primarily due to increased demand for the company's products from domestic and international solar markets," according to the release.
The company said its fourth quarter net sales were $273.1 million, showing a sequential increase from $156.6 million it reported for its third quarter and $114.7 million for its second quarter, according to the release.
As previously reported, the hearing will be held before the committee of the board of directors for the NYSE.
LDK Solar is a manufacturer of photovoltaic products based in Xinyu City, China.
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