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Selling stakes in its recently completed first phase polysilicon plant as well as a late call for cash from a new planned share issue have raised concerns over LDK Solar’s ability to carry on as a going concern. VMS Investment Group signed an indicative term sheet with LDK last week to the tune of between US$50 million and US$80 million in convertible preference shares for a stake in the polysilicon plant. Then, at the end of the week, LDK Solar announced a new share offering but was discounted to the closing price.

The new share offering was expected to raise approximately US$110 million but approximately US$90 million will be allocated to pay down short-term debt. With debts of over US$1 billion and cash reserves of below $US68 million, LDK Solar needs working capital to keep going.