LDK Solar and subsidiary schemes sanctioned by Cayman Islands court

By Kali Hays

New York, Nov. 10 – LDK Solar Co., Ltd. and its subsidiary LDK Silicon & Chemical Technology Co. received sanctions on schemes of arrangement from the Grand Court of the Cayman Islands on Nov. 7, according to a Monday news release.

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.

Company creditors approved the schemes in October.

LDK Solar’s joint provisional liquidators are seeking recognition and enforcement of the scheme from the U.S. Bankruptcy Court for the District of Delaware.

A hearing 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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