LDK Solar: Partial Nonpayment for Convertible Notes
XINYU CITY, China, and SUNNYVALE, California - LDK Solar Co., Ltd. ("LDK Solar"; NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, 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
Lisa Laukkanen, The Blueshirt Group for LDK Solar, firstname.lastname@example.org, +1-415-217-4967; Jack Lai, Executive VP and CFO, LDK Solar Co., Ltd., IR@ldksolar.com, +1-408-245-8801
SOURCE: LDK Solar Co., Ltd.