Subsidaries of China-based polysilicon and PV module manufacturer LDK Solar have been forced into bankruptcy proceedings in China only shortly after the parent company, formerly listed in the US, exited bankruptcy proceedings of its own.
China-based LDK Solar said on April 26 that it sold 25 million newly issued shares to Fulai Investments Ltd., a company owned by Cheng Kin Ming, a Chinese businessman based in Hong Kong, for US$25.8 million.
The Wall Street Journal
LDK Solar announced the sale of 5,000,000 newly issued ordinary shares of LDK Solar to Fulai Investments Limited, at a purchase price of US$1.83 per share with an aggregate purchase price of US$9,150,000, thereby completing the first portion of the transaction contemplated in its share purchase agreement dated January 21, 2013 with Fulai Investments Limited.
LDK Solar Co Ltd said China Development Bank Corp approved a CNY440 million (US$69.8 million) loan, as the country's state-run banks continue to extend credit to its solar companies.
LDK Solar, the second-biggest maker of wafers that convert the sun's energy to electricity, rose the most in almost a year after China-based investors purchased a minority stake.
LDK Solar, the world's second- biggest maker of wafers that convert sunlight to power, will have part of its debts paid by the government of the Chinese city in which it is based.
LDK Solar Co. (LDK), the world's second- largest maker of wafers for cells, cut 5,554 jobs this year after plunging prices cut margins to a record low amid a renewable-energy shakeout that's pushed at least eight solar companies into bankruptcy and prompted thousands of industry firings.
Chinese banks are the most important investor base in the Dim Sum market and they take a different view to PRC credits compared to investors in global markets.
LDK Solar Co., Ltd., a vertically integrated manufacturer of photovoltaic (PV) products, today announced that its PV Module Lab located in Nanchang City, Jiangxi Province, China, has officially taken part in Intertek Group's Satellite Program.
Wall Street Journal
China-based solar equipment maker LDK Solar Co Ltd said on Monday the chairman of its audit committee had resigned, and its shares fell to their lowest level in a year.
Shares of LDK Solar (LDK) were tumbling after hours following the company's first-quarter guidance.The stock, which gained 3.3% today, was down 2.4% in recent after hours trading.
LDK Solar has announced a business investment of approximately US$40 million to establish a new manufacturing plant in Nanchang City, Jiangxi Province (China). This new manufacturing facility will have capacity to supply two million 2-inch equivalent pieces of sapphire wafers per year and be positioned to capture the growing opportunities in the LED industry.
The investors, including China Development Bank and China Construction Bank Corp., will take an 18.46 percent stake in the Chinese company's polysilicon unit.
LDK said it expects third-quarter revenue of $610 million to $640 million, up from a previous forecast of revenue of $570 million to $600 million. LDK revised higher its wafer shipments outlook to 550MW to 570MW from its prior outlook of 520MW to 550MW.
LDK Solar said it has filed a lawsuit against solar module maker Canadian Solar demanding compensation from contract termination.
LDK Solar is planning to build a solar manufacturing facility with 1 gigawatt of solar cell and 500 megawatts of solar module capacity. The manufacturing facility is expected to begin production in the second quarter of 2011, backed by US$368 million in financing for up to three years from a Chinese lender.
LDK Solar reported Tuesday that it earned net income of US$45 million, or 36 cents per American Depositary Share, in the quarter that ended June 30. That compared with a net loss of US$216.9 million, or US2.03 per ADS, when it took a hefty writedown on plummeting inventory value in the year-ago quarter.
Shares of LDK Solar plunged further on December 18 as the Chinese solar panel maker priced at a deep discount an equity offering that it said is part of the capital raise it needs to continue operating.
LDK Solar is scheduled to complete the installation of more than 50 MaxEdge wafering systems in October.
LDK Solar has formed an agreement with Yancheng City in China's Jiangsu Province to develop several photovoltaic power projects, including ground-power stations and roof and building integration systems.
A run of poor earnings has damped confidence in once-booming solar companies.
New York Times
Shares of solar-energy company LDK Solar rose sharply on July 24 after the Chinese company raised its second-quarter revenue and shipment forecasts. LDK plans to report its results on August 12.
Solar-power company LDK Solar boosted its wafer shipment forecast for the second quarter on stronger-than-expected demand but issued a revenue view below Wall Street estimates.
Wall Street Journal