The lack of cash within LDK Solar’s holding company, registered in the Cayman Islands has been highlighted by its Joint Provisional Liquidators (JPLs), which are still seeking sufficient funds to carry out planned restructuring duties.
Previously, the JPLs had publicly stated in documents that they needed US$14 million of interim financing from LDK Solar and that Heng Rui Xin Energy (HRX) had agreed to provide the required funds.
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However, the JPLs have noted in an ad hoc statement that the interim financing had been slow to appear and that they have received to date a total of US$10.8 million from HRX advances and internally generated funds from LDK Solar. The JPLs did not disclose the amount secured from each party.
The JPLs said that the full amount of interim financing would still be needed and that it was continuing discussions with a number of parties to secure the required funding.
Based in Hong Kong, HRX is an existing shareholder of LDK Solar and partially owned by Asset Management Co, a Chinese state-owned company.
