PV project developer and EPC, SPI Solar has struck a deal with bankrupt LDK Solar to settle its outstanding debt in relation to past module shipment orders.
LDK Solar has a 30% share ownership of SPI Solar, which had debts to its parent company of US$50.9 million in 2013 and US$34.4 million at the end of September, 2014, according to SPI Solar SEC filings.
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
According to SPI Solar it would make payments in instalments before December 31, 2016, totalling only US$11 million to clear the debt.
SPI Solar was said to have debts to LDK Solar HK and other subsidiaries of approximately US$46 million.
The deal closes concern over LDK Solar bankruptcy administrator’s possible move to claw back the full amount owed to the company, which would in turn potentially force SPI Solar into bankruptcy.
