LDK Solar enters into a 30-day forbearance arrangement with noteholders of a majority of the aggregate principal amount of its US$-Settled 10% Senior Notes due 2014.
LDK Solar has entered into a 30-day forbearance arrangement with holders of a majority of the aggregate principal amount of its US$-Settled 10% Senior Notes due 2014 (‘Notes’). The forbearance arrangement relates to the interest payment due under the Notes on August 28, 2013. That interest payment remains unpaid. The arrangement expires on October 27, 2013.
LDK Solar is hopeful that the forbearance arrangement is the first step in achieving a consensual solution to its obligations under the Notes. It is LDK Solar’s intention to find a consensual solution as soon as possible. As reported previously, LDK Solar has engaged Jefferies LLC as a financial advisor for strategic advice in connection with the Notes and LDK Solar’s other offshore obligations.