LDK Solar liquidators seek U.S. enforcement of Cayman scheme order

By Caroline Salls

Pittsburgh, Nov. 4 – LDK Solar Co. Ltd.’s joint provisional liquidators asked the U.S. Bankruptcy Court for the District of Delaware to recognize and enforce the order approving the company’s Cayman Islands scheme of arrangement, according to a Nov. 3 court filing.

The court in LDK’s Cayman proceedings has scheduled a scheme sanction hearing for Thursday.

The liquidators said the Chapter 15 enforcement order is a condition to implementation of the global restructuring of LDK Solar.

As previously reported, senior noteholders, preferred shareholders and ordinary scheme creditors will receive a cash-out amount and/or non-cash scheme consideration in exchange for their claims under the scheme.

A hearing on the scheme order enforcement is scheduled for Nov. 21.

LDK Solar is a manufacturer of photovoltaic products based in Xinyu City, China. The company made a Chapter 15 bankruptcy filing on Oct. 21 under case number 14-12387. LDK’s U.S. subsidiaries’ Chapter 11 case number is 14-12384.

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