Xiaofeng Peng the founder and chairman of insolvent Cayman Islands registered LDK Solar has resigned his position at the company including any director roles.
A brief announcement was made via its joint provisional liquidators that also noted restructuring proceedings in the Grand Court of the Cayman Islands would start on September 12, 2014.
The president and CEO of LDK Solar, Xingxue Tong would act as the interim chairman, while a search for a new permanent chairman takes place.
Although Peng has resigned from the company, it was noted that he would be retained by the company in a consultancy role. He will also be appointed as chairman emeritus.
Peng and family members still remain major shareholders of LDK Solar and all its subsidiaries, which include SPI Solar and its China-based manufacturing operations that include two polysilicon plans and several gigawatts of wafering operations. LDK Solar also has solar cell and module production facilities, all said to be unaffected by the restructuring proceedings in the Cayman Islands.
However, Peng’s resignation may be the start of new developments by Shunfeng to increase its ownership in LDK Solar with the goal of becoming majority shareholders.
This would provide Shunfeng with a complete integrated business model from polysilicon through to downstream PV projects capabilities.
Fulai Investments a key business arm of owners of Shunfeng was LDK Solar’s third largest shareholder at the end of 2012.