LDK Solar ADS delisting upheld; units’ creditors to vote on schemes

By Caroline Salls

Pittsburgh, Sept. 26 – LDK Solar Co., Ltd. and its joint provisional liquidators announced that the NYSE Regulation, Inc. board of directors’ committee for review affirmed the delisting decision made by the NYSE Regulation staff in connection with the company’s American Depositary Shares listed on the New York Stock Exchange.

According to a news release, the committee’s decision follows a review of submissions made by LDK and a Sept. 9 hearing.

The shares will still be quoted on the OTC Pink Limited Information until the company qualifies for listing on an alternate stock exchange.

In addition, upon the application of the company and its subsidiaries, LDK Silicon & Chemical Technology Co., Ltd. and LDK Silicon Holding Co., Ltd. were ordered by the High Court of Hong Kong to hold creditor class meetings on Oct. 16 and Oct. 17 to vote on their Hong Kong schemes of arrangement.

The Hong Kong court is scheduled to hear the petition related to sanctioning of the schemes on Nov. 7.

LDK Solar is a manufacturer of photovoltaic products based in Xinyu City, China.

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