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.
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.
