Abstract evening of November 18, China's photovoltaic enterprises LDK Solar announced, Xinyu City, Jiangxi Province Intermediate People's Court has accepted the Xinyu City investment company and power company Ganxi an application to the LDK four subsidiaries into bankruptcy reorganization proceedings. According to reports, this reorganization involves...
On the evening of November 18th, China's photovoltaic leading enterprise LDK announced that the Xinyu City Intermediate People's Court of Jiangxi Province has accepted the application of Xinyu City Investment Co., Ltd. and Minxi Power Supply Company, requesting the four subsidiaries of LDK to enter the bankruptcy reorganization process. According to reports, the four subsidiaries involved in this restructuring are Jiangxi LDK High-Tech Co., Ltd., LDK High-Tech (Xinyu) Co., Ltd., Jiangxi LDK Photovoltaic Silicon Technology Co., Ltd. and Jiangxi LDK LDK Solar Polysilicon. In the company, the applicants Xinyucheng Investment Co., Ltd. and Luxi Power Supply Co., Ltd. filed for bankruptcy reorganization with the courts on the grounds that the four subsidiaries were in arrears of borrowing, on behalf of the project, and the electricity bill was not payable.
Founded in 2005, LDK has developed into one of the world's largest PV companies in just a few years. However, in recent years, affected by the global economic downturn and the “double opposition†of Europe and the United States, LDK and other companies in the same industry have fallen into a development dilemma with high debts and cannot solve huge domestic debts through production and operation.
This reorganization is a reorganization of domestic debt after LDK successfully completed overseas debt restructuring and resolved 700 million U.S. dollars of overseas debt last year. Liu Zhibin, chairman, president and CEO of LDK, said that the bankruptcy reorganization is an important measure for LDK to take the initiative to adapt to the market and completely get out of the predicament after fully restoring production and operation. The purpose is to find a way for all parties. Acceptable solutions to resolve debt. After the reorganization, the debt of LDK will be solved as a whole.
Lloyd LDK spokesman Peng Shaomin said that the bankruptcy reorganization will not affect the production operations of the company's various divisions. At present, the production of LDK has been fully restored. From January to October this year, the company's various business income increased year-on-year, and achieved positive cash flow, of which the daily output of silicon wafer reached 1.6 million pieces, close to the highest level in history. After the silicon material production was transformed by last year's cold hydrogenation technology, the output was The quality has been greatly improved, the production cost has been greatly reduced, and the market competitiveness has been significantly enhanced.
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