LDK Solar CO., Ltd. (“LDK Solar” or the “Company”) announced that the supervisors, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited (the “Scheme Supervisors”), of the scheme of arrangement in respect of LDK Solar (the “LDK Solar Scheme”) designated April 27, 2015 as the payment date for all Ordinary Scheme Creditors (as described in the LDK Solar Scheme) that elected to receive a cash distribution under the LDK Solar Scheme. The Scheme Supervisors have paid all such Ordinary Scheme Creditors who provided settlement instructions and continue to make cash distributions as and when further settlement instructions are received.
The Scheme Supervisors also designated May 5, 2015 as the issue date for all Ordinary Scheme Creditors that elected to receive non-cash consideration under the LDK Solar Scheme. All such consideration has now been issued in accordance with the terms of the LDK Solar Scheme.
As previously announced,
• the LDK Solar Scheme and the scheme of arrangement (the “LDK Silicon Scheme”) in respect of LDK Silicon & Chemical Technology Co., Ltd. (“LDK Silicon”) and the Hong Kong schemes of arrangement in respect of LDK Solar, LDK Silicon and LDK Silicon Holding Co., Limited (the “Hong Kong Schemes”) became effective as of December 10, 2014;
• pursuant to the terms of the LDK Solar Scheme, the LDK Silicon Scheme and the Hong Kong Schemes, the closing date for the restructuring transactions in respect of LDK Solar’s senior noteholders and LDK Silicon’s preferred shareholders occurred on December 17, 2014; and
• on April 21, 2015, the provisional liquidation of the Company was brought to a successful conclusion and the joint provisional liquidators under the LDK Solar Scheme, the LDK Silicon Scheme and the Hong Kong Schemes, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, were discharged from their duties, each pursuant to an order of the Grand Court of the Cayman Islands.
Cautionary Note Regarding Forward- Looking Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the 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 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.
Source: LDK Solar CO.,Ltd./ldksolar.com