LDK Solar Announces U.S. Pre-packaged Plan and Updates for Cayman and Hong Kong Proceedings

GEORGE TOWN, Cayman Islands, XINYU CITY, China and SUNNYVALE, Calif., Sept. 18, 2014 /PRNewswire/ -- LDK Solar CO., Ltd. in provisional liquidation ("LDK Solar" or the "Company") and its Joint Provisional Liquidators ("JPLs"), Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, today announced that three of the Company's United States subsidiaries, LDK Solar USA, Inc., LDK Solar Tech USA, Inc. and LDK Solar Systems, Inc. (the "US Plan Proponents"), launched a solicitation of votes on a prepackaged plan of reorganization (the "Prepackaged Plan") from the holders of the Company's 10% Senior Notes due 2014 (the "Senior Notes"). 

The US Plan Proponents intend to implement the Prepackaged Plan through the commencement of chapter 11 cases.  Votes on the Prepackaged Plan from the holders of Senior Note guarantee claims must be submitted to Lucid Issuer Services Limited ("Lucid") so that they are actually received no later than 12:00 p.m. (prevailing Eastern time) on October 15, 2014.  Holders of Senior Notes guarantee claims who need additional information regarding the balloting process can contact Lucid at [email protected] or Epiq Bankruptcy Solutions, LLC, which is the U.S. Voting Agent, at +1 646-282-2500 or [email protected] (please include "LDK Solar" in the subject line).

In addition, upon the application of the Company (acting by the JPLs)  and its subsidiary, LDK Silicon & Chemical Technology Co., Ltd. ("LDK Silicon"), by summons dated August 29, 2014, to the Grand Court of the Cayman Islands (the "Cayman Court"), the Cayman Court made an order dated September 12, 2014 and filed on September 16, 2014 to direct the Company and LDK Silicon to convene the class meetings of their creditors on October 16, 2014 (starting at 8:00 p.m.), Cayman time, and October 17, 2014 (starting at 9:00 a.m.), Hong Kong time. The Cayman Court is currently scheduled to hear the petition in respect of the schemes of arrangement on November 6, 2014, at which hearing the Cayman Court will determine whether or not to sanction the schemes of arrangement.  Creditors of the Company and LDK Silicon are invited to review the Scheme Website at  http://ldksolar-provisionalliquidation.com where further details of the schemes of arrangement may be found, including details of how to vote at the meetings referred to above, copies of the schemes of arrangement, the explanatory statement, and the solicitation packets.

The Company, LDK Silicon and LDK Silicon Holding Co., Limited ("LDK Silicon Holding") previously made a filing to commence their schemes of arrangement in the High Court of Hong Kong (the "Hong Kong Court"). The Hong Kong Court is currently scheduled to hear on September 23, 2014 the applications on behalf of the Company, LDK Silicon and LDK Silicon Holding to convene the class meetings of their creditors for the Hong Kong schemes of arrangement on or around October 17, 2014, Hong Kong time.

All of these proceedings are designed to implement the Company's previously described plans for the restructuring of its offshore operations, which restructuring the Company hopes to conclude in November 2014.

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including risks and uncertainties disclosed in LDK Solar's filings with the U.S. Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date such information was prepared and on its expectations, assumptions, estimates and projections as of such date. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.

About LDK Solar in provisional liquidation

LDK Solar Co., Ltd. in provisional liquidation is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar, through its operating subsidiaries, manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's subsidiary office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.

SOURCE LDK Solar Co., Ltd.