LDK Solar (LDK) Secures $29M Loan From China Development Bank, Also Receives Credit Line
LDK Solar Co., Ltd. (NYSE: LDK) secured a loan for RMB 200 million (equivalent to approximately US$29 million) from China Development Bank and received approval for a RMB 1 billion (equivalent to approximately US$146 million) credit line from Agricultural Development Bank of China.
As a result of these additional financing activities, LDK Solar had unused credit facilities totalling US$785 million as of April 14, 2009. LDK Solar expects to use these credit facilities to fund ongoing business activities. The company will continue to focus on closely monitoring capital spending and on managing its cash position.
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