LDK Solar, the ailing PV manufacturer, has employed global investment banking firm, Jefferies LLC for strategic advice regarding its debt repayments.
The company is currently dealing with numerous financial problems, having most recently it missed the bi-annual interest payments on a US$196 million bond, which was due 28 August 2013.
Its subsidiaries are subsequently restructuring.
LDK Solar had quarterly sales of just over US$100 million in 2013 and interest-bearing borrowings of US$2.8 billion or more. The company ended the second quarter with just US$85.1 million in cash and cash equivalents, and US$203 million in short-term pledged bank deposits.
LDK Solar stopped production of polysilicon (nameplate capacity of 15,000MT) at its two plants in the first quarter of 2012, due to polysilicon prices falling below production costs, of approximately US$30.3/kg, and is reportedly not planning to start polysilicon production again until the price has reached US$23/kg.