LDK (LDK) Contract Wtih JYT Valid, LDK To Pay RMB 294M
Tweet Send to a FriendGet Alerts LDK Hot Sheet
Up)
Trade LDK Now!
LDK Solar Co., Ltd. (NYSE: LDK), a vertically integrated manufacturer of photovoltaic products, today announced that the China International Economic and Trade Arbitration Commission (CIETAC) stated that the wafer equipment supply contract entered into in July 2008 between LDK Solar and JYT Corporation of Beijing (JYT) is valid and effective through the duration and at terms and conditions related to quantities and prices set forth therein. Under this contract, LDK Solar agreed to purchase furnaces used in the manufacturing of multicrystalline and monocrystalline ingots for installation in its manufacturing facilities in Xinyu City, China.
On December 25, 2012 CIETAC stated that by virtue of the arbitration proceedings LDK shall pay to JYT an amount of approximately RMB 294 million as well as approximately an additional amount of RMB 3.4 million to cover arbitral fees accrued as a result of this proceeding.
"With regret, we were unable to take delivery of the ordered furnaces as scheduled from JYT primarily due to slower than expected industry growth and the widely available capacity of other peers," stated Xingxue Tong, President and CEO of LDK Solar. "LDK Solar is committed to innovation, quality and customer service. We have sufficient manufacturing capacity to support our valued customers and we will continue working with our vendors and customers, so that together we can overcome the challenges facing our industry," concluded Mr. Tong.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
On December 25, 2012 CIETAC stated that by virtue of the arbitration proceedings LDK shall pay to JYT an amount of approximately RMB 294 million as well as approximately an additional amount of RMB 3.4 million to cover arbitral fees accrued as a result of this proceeding.
"With regret, we were unable to take delivery of the ordered furnaces as scheduled from JYT primarily due to slower than expected industry growth and the widely available capacity of other peers," stated Xingxue Tong, President and CEO of LDK Solar. "LDK Solar is committed to innovation, quality and customer service. We have sufficient manufacturing capacity to support our valued customers and we will continue working with our vendors and customers, so that together we can overcome the challenges facing our industry," concluded Mr. Tong.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Ackman's Pershing Square Says Herbalife (HLF) Refuses to Release Sales Data, Calls for Probe
- Sprint (S), SoftBank Call on FCC to Push Deal Through
- Globus Medical (GMED) Receives Unfavorable Verdict in Synthes Patent Case
Create E-mail Alert Related Categories
Litigation
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
