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LDK Solar: Restructuring of Offshore Liabilities
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GEORGETOWN, Cayman Islands, XINYU CITY, China and SUNNYVALE, California - LDK Solar Co., Ltd. in provisional liquidation ("LDK Solar" or the "Company") and its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited ("the JPLs") are pleased to confirm that, on April 2, 2014, the Grand Court of the Cayman Islands (the "Cayman Court"), authorized the JPLs to take steps to implement the restructuring of the Company's offshore liabilities. The Cayman Court also ordered that the winding-up petition be adjourned generally and the provisional liquidation be continued until further ordered by the Cayman Court. With respect to the restructuring, the Cayman Court specifically ordered that:
the JPLs be authorized to cause the Company to enter into a restructuring support agreement (the "Senior Notes RSA") with certain of the holders of Renminbi-denominated US$-settled 10% Senior Notes due 2014 (the "Senior Notes");
the JPLs be authorized to cause the Company to enter into a restructuring support agreement (the "Preferred Obligations RSA") with certain of the holders of Series A Redeemable Convertible Preferred Shares of LDK Silicon & Chemical Technology Co., Ltd. (the "Preferred Obligations");
the JPLs be authorized to cause the Company to enter into a promissory note and share warrant with Heng Rui Xin Energy (HK) Co., Limited ("HRX") in respect of the provision by HRX of interim funding up to an aggregate principal amount of US$14 million (the "Interim Financing"). The JPLs are also authorized to cause the Company to issue shares to HRX pursuant to and in accordance with the rights conferred by the promissory note and share warrant; and
the JPLs be authorized to cause the Company to retain Jefferies LLC as financial adviser and to cause the Company to enter into terms of engagement with Ropes & Gray LLP, Harneys, Westwood & Riegels and Houlihan Lokey (Europe) Limited in their capacities as legal and financial advisers to the ad hoc committee of certain of the holders of the Senior Notes.
The Cayman Court order follows the previous announcement by the Company and the JPLs on March 28, 2014 that, following extensive negotiations with its offshore creditors, the Company had received:
signatures to the Senior Notes RSA from the holders of approximately 60% in aggregate principal amount of the Senior Notes;
signatures to the Preferred Obligations RSA from the holders of approximately 79% of the holders of the Preferred Obligations; and
signatures to both the Senior Notes RSA and the Preferred Obligations RSA from the debtors of the Senior Notes and the Preferred Obligations and a majority of the shareholders of the Company.
The JPLs have executed on behalf of the Company the Senior Notes RSA and the Preferred Obligations RSA and both agreements are now effective and binding.
About LDK Solar in provisional liquidation
LDK Solar Co., Ltd. in provisional liquidation is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar, through its operating subsidiaries, manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's subsidiary office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
For more information contact:
Company in provisional liquidation
Lisa Laukkanen
The Blueshirt Group for LDK Solar
[email protected]
+1-415-217-4967
Jack Lai
Executive VP and CFO
LDK Solar Co., Ltd.
[email protected]
Provisional Liquidators
Tammy Fu
Zolfo Cooper (Cayman) Limited
Cayman Islands
Eleanor Fisher
Zolfo Cooper (Cayman) Limited
Cayman Islands
[email protected]
+1-345-946-0081
Financial Advisor to Company (in provisional liquidation)
Augusto King
Jefferies LLC
[email protected]
Steven Strom
Jefferies LLC
[email protected]
Richard Klein
Jefferies LLC
[email protected]
Legal Advisors to Company (in provisional liquidation)
Thomas Albrecht
Sidley Austin
[email protected]
Timothy Li
Sidley Austin
[email protected]
Guy Manning
Campbells
[email protected]
Mark Goodman
Campbells
[email protected]
Financial Advisor to Senior Notes Holders
Legal Advisor to Senior Notes Holders
Brandon Gale
Houlihan Lokey
[email protected]
Daniel Anderson
Ropes & Gray
[email protected]
GEORGETOWN, Cayman Islands, XINYU CITY, China and SUNNYVALE, California - LDK Solar Co., Ltd. in provisional liquidation ("LDK Solar" or the "Company") and its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited ("the JPLs") are pleased to confirm that, on April 2, 2014, the Grand Court of the Cayman Islands (the "Cayman Court"), authorized the JPLs to take steps to implement the restructuring of the Company's offshore liabilities. The Cayman Court also ordered that the winding-up petition be adjourned generally and the provisional liquidation be continued until further ordered by the Cayman Court. With respect to the restructuring, the Cayman Court specifically ordered that:
the JPLs be authorized to cause the Company to enter into a restructuring support agreement (the "Senior Notes RSA") with certain of the holders of Renminbi-denominated US$-settled 10% Senior Notes due 2014 (the "Senior Notes");
the JPLs be authorized to cause the Company to enter into a restructuring support agreement (the "Preferred Obligations RSA") with certain of the holders of Series A Redeemable Convertible Preferred Shares of LDK Silicon & Chemical Technology Co., Ltd. (the "Preferred Obligations");
the JPLs be authorized to cause the Company to enter into a promissory note and share warrant with Heng Rui Xin Energy (HK) Co., Limited ("HRX") in respect of the provision by HRX of interim funding up to an aggregate principal amount of US$14 million (the "Interim Financing"). The JPLs are also authorized to cause the Company to issue shares to HRX pursuant to and in accordance with the rights conferred by the promissory note and share warrant; and
the JPLs be authorized to cause the Company to retain Jefferies LLC as financial adviser and to cause the Company to enter into terms of engagement with Ropes & Gray LLP, Harneys, Westwood & Riegels and Houlihan Lokey (Europe) Limited in their capacities as legal and financial advisers to the ad hoc committee of certain of the holders of the Senior Notes.
The Cayman Court order follows the previous announcement by the Company and the JPLs on March 28, 2014 that, following extensive negotiations with its offshore creditors, the Company had received:
signatures to the Senior Notes RSA from the holders of approximately 60% in aggregate principal amount of the Senior Notes;
signatures to the Preferred Obligations RSA from the holders of approximately 79% of the holders of the Preferred Obligations; and
signatures to both the Senior Notes RSA and the Preferred Obligations RSA from the debtors of the Senior Notes and the Preferred Obligations and a majority of the shareholders of the Company.
The JPLs have executed on behalf of the Company the Senior Notes RSA and the Preferred Obligations RSA and both agreements are now effective and binding.
About LDK Solar in provisional liquidation
LDK Solar Co., Ltd. in provisional liquidation is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar, through its operating subsidiaries, manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's subsidiary office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
For more information contact:
Company in provisional liquidation
Lisa Laukkanen
The Blueshirt Group for LDK Solar
[email protected]
+1-415-217-4967
Jack Lai
Executive VP and CFO
LDK Solar Co., Ltd.
[email protected]
Provisional Liquidators
Tammy Fu
Zolfo Cooper (Cayman) Limited
Cayman Islands
Eleanor Fisher
Zolfo Cooper (Cayman) Limited
Cayman Islands
[email protected]
+1-345-946-0081
Financial Advisor to Company (in provisional liquidation)
Augusto King
Jefferies LLC
[email protected]
Steven Strom
Jefferies LLC
[email protected]
Richard Klein
Jefferies LLC
[email protected]
Legal Advisors to Company (in provisional liquidation)
Thomas Albrecht
Sidley Austin
[email protected]
Timothy Li
Sidley Austin
[email protected]
Guy Manning
Campbells
[email protected]
Mark Goodman
Campbells
[email protected]
Financial Advisor to Senior Notes Holders
Legal Advisor to Senior Notes Holders
Brandon Gale
Houlihan Lokey
[email protected]
Daniel Anderson
Ropes & Gray
[email protected]