LDK Solar enteres into a new 30-day forbearance arrangement.
LDK Solar (NYSE: LDK) has entered into a new 30-day forbearance arrangement with holders of a majority in aggregate principal amount of its US$-Settled 10% Senior Notes due 2014. The previous 30-day forbearance arrangement expired on October 27, 2013.
The new forbearance arrangement relates to the interest payment due under the notes on August 28, 2013, which is still unpaid. The new arrangement expires on November 26, 2013.
It’s LDK’s intention to find a consensual solution to its obligations under the notes as soon as possible, and LDK Solar remains hopeful that it will be able to achieve that goal.
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.