LDK Solar Announces Partial Nonpayment for Convertible Notes
XINYU CITY, China, and SUNNYVALE, Calif., April 16, 2013 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar"; NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, today announced that, due to a temporary cash-flow shortage, LDK Solar was not able to make full payments to the holders of its 4.75% convertible senior notes due 2013 in an aggregate principal amount of US$23,793,000, plus interest, otherwise due and payable on their maturity date of April 15, 2013. LDK Solar has, however, privately and individually negotiated with two holders of such convertible notes in the aggregate principal amount of US$16,553,000, and reached settlement with them, shortly before the maturity date, through a partial payment in cash and effectively a loan facility to postpone the repayment of the remaining indebtedness.
LDK Solar had informed The Bank of New York Mellon, as trustee for the holders of the convertible notes, of such nonpayment. LDK Solar is nevertheless ready and willing to discuss and reach a settlement for the remaining convertible notes.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
Safe Harbor Statement for LDK Solar
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing projects, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the PV industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
For more information contact:
The Blueshirt Group for LDK Solar
Executive VP and CFO
LDK Solar Co., Ltd.