As expected, LDK Solar’s three US subsidiaries have filed for Chapter 11 bankruptcy protection at the District of Delaware US Bankruptcy Court, according to court documents.
PV Tech reported in September that the filings, expected to support attempts to restructure rather than fold the company were imminent. The Cayman Islands-registered Chinese parent company LDK Solar Co has filed for Chapter 15 protection from creditors meanwhile, in line with procedures for foreign companies trading in the US. Proceedings for LDK Solar USA, LDK Solar Tech USA and LDK Solar Systems were all filed on Tuesday.
Among creditors listed with the court for LDK Solar Systems and signed off by company secretary Jack Lai was Energy Absolute, a Thai company that LDK was expected to supply modules to between July and September this year for a large-scale project in Lampang, Thailand. Other creditors include cell manufacturer Gintech and Fulai, a holding company owned by Shunfeng and Wuxi Suntech’s billionaire investor-owner Zheng Jianming.
As part of an ongoing and complex saga involving LDK, PV Tech also reported recently that LDK’s Cayman Islands liquidators and two of its key investors – including a member of Fulai’s board – are looking to restructure the company’s polysilicon production business.