LDK Solar: Schemes of Arrangement
GEORGE TOWN, Cayman Islands, and SUNNYVALE, California ― LDK Solar CO., Ltd. in provisional liquidation ("LDK Solar") and its Joint Provisional Liquidators ("JPLs"), Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, announced today that the Cayman Islands schemes of arrangement in respect of LDK Solar and LDK Silicon & Chemical Technology Co., Ltd. ("LDK Silicon") and the Hong Kong schemes of arrangement in respect of LDK Solar, LDK Silicon and LDK Silicon Holding Co., Limited (the "Schemes") became effective as of December 10, 2014. The Cayman Islands schemes of arrangement were previously sanctioned by the Grand Court of the Cayman Islands (the "Cayman Court"), and the Hong Kong schemes of arrangement were previously sanctioned by the High Court of Hong Kong.
LDK Solar and the JPLs also confirm that pursuant to an order of the Cayman Court dated December 10, 2014, the powers of the JPLs were suspended (except for certain residual powers required to finalize the provisional liquidation) and the powers of the directors of LDK Solar were restored. With effect from December 10, 2014, the directors may exercise all their powers as such, subject to the powers granted to the scheme supervisors in respect of the Schemes.
Pursuant to the terms of the Schemes, the consummation of the restructuring transactions as contemplated in the Schemes will occur on December 17, 2014.
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.