Canadian Solar Inc. says the Jiangsu Suzhou Intermediate Court in China has issued a civil decision that vacated its May 2013 ruling that dismissed a request by LDK Solar Co. Ltd. to enforce an arbitration award in its ongoing dispute with Canadian Solar. The new decision says the case is to be re-adjudicated.
The decision was issued following a request for re-adjudication by the Jiangsu Provincial High Court, which reviewed the May decision. Canadian Solar says it will continue to vigorously contest the merits of the arbitration award and will update investors as the case progresses.
The case relates to wafer supply contracts entered into between Canadian Solar and LDK in October 2007 and June 2008, and subsequently terminated. In October, troubled LDK entered into a new 30-day forbearance agreement with note holders.