City Of Xinyu, China, Set To Bail Out LDK Solar


LDK Solar will have some of its debt paid by the City of Xinyu, China, the municipality where the company is based, Bloomberg reports.

The local legislature has passed the plan, according to Bloomberg, which cites a statement from the country's top legislative body, the National People's Congress.

It is still unclear, however, how much of LDK Solar's debt the city will pay.

This spring, LDK announced it was laying off 5,000 employees – 20% of its workforce – after a drop in earnings, which the company blamed on plummeting module prices.

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