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Lenders Agreed to Forbear with Respect to LDK Solar Securities Pledged

published: 2012-10-08 15:04

LDK Solar Co., Ltd.(“LDK Solar”) (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, has announced that it understands that LDK New Energy Holding Limited (“LDK New Energy”), the controlling shareholder of LDK Solar, has been negotiating with its lenders with respect to the loan outstanding under a credit agreement, dated as of September 26, 2011, as amended (the “Credit Facility”), among LDK New Energy and the lenders, pursuant to which LDK New Energy has pledged collateral, including ordinary shares and ADSs of LDK Solar representing approximately an aggregate of 52.9% of LDK Solar’s total outstanding share capital.  LDK Solar further understands that such lenders have agreed to forbear from exercising their power of sale with regard to certain of the pledged collateral arising as a result of various prior defaults under the Credit Facility by LDK New Energy for a period of 12 months toward the end of September 2013, subject to terms and conditions in the forbearance arrangement and negotiation and finalization of the definitive documentation, including an amended and restated Credit Facility.

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