LDK Solar releases PRC court injunction against guarantee banks from payments to Q-Cells


LDK Solar announced that upon its motion the Superior People’s Court in Jiangxi Province has issued a civil order halting any payment that may be made by the relevant guarantor/counter-guarantor banks pursuant to the guarantee and/or counter-guarantee issued in connection with the prepayments Q-Cells made that amassed to US $244.5 million under a solar wafer supply agreement with LDK Solar.

 The injunction also takes other asset preservation actions in aid of execution and will continue for a six month period until May 8, 2010. In other legal news LDK Solar is appealing the decision of the Regional Court of Berlin, which lifted its preliminary injunction on the drawdown by Q-Cells under the German bank guarantee. LDK is also arranging to accelerate the ICC arbitration process as permitted and required under the supply agreement for a fair decision on the substance of the disagreement over the supply agreement.

LDK and Q-Cells both have agreed to work towards a mutually agreeable solution to the dispute and have working negotiations in Europe and Asia.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Read Next

July 18, 2024
“We believe this policy will unlock opportunities for renewables as it increases electricity supply avenues."
July 18, 2024
Egypt aims to accelerate the approval process for new renewables capacity to be constructed in the country.
July 18, 2024
US energy technology company Generac has been awarded a US$200 million grant from the Department of Energy (DOE) to deploy residential solar PV and energy storage systems in Puerto Rico.
July 18, 2024
The financing will be offered to two banks, as they will provide loans to developers and end-users to install rooftop solar systems.
July 18, 2024
Shaun Xiong, general manager of Anker's Europe storage business, discusses the company’s background, priorities and plans for the future.
July 18, 2024
On Wednesday (17 July), the Tasmanian government in Australia removed a ‘speed limit’ measure that has prevented state-owned utility Hydro Tasmania from developing large-scale renewable energy projects, such as solar, without a "cumbersome" Parliamentary process.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA