The joint provisional liquidators (JPL’s) of Cayman Islands registered LDK Solar are to hand back management of the bankrupt firm to its management.
The JPL’s noted that the bankruptcy schemes of arrangement, filed in both the Cayman Islands and Hong Kong were now in place and sanctioned by the relevant courts, the powers of the JPLs had now mostly been suspended.
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As of 10 December, LDK Solar’s directors would be in charge of the company, the JPLs said.
The consummation of the restructuring transactions is expected to occur on 17 December, 2014.
Bankruptcy proceedings are also underway in the US.