LDK Solar Enters Forbearance Arrangement With Noteholders

LDK Solar Co. Ltd. has entered into a 30-day forbearance arrangement with holders of a majority of the aggregate principal amount of its 10% senior notes due in 2014. The forbearance arrangement relates to the interest payment due under the notes on Aug. 28 of this year. That interest payment remains unpaid.

LDK Solar says it is hopeful that the forbearance arrangement is the first step in achieving a consensual solution to its obligations under the notes. The company has reported losses and declining sales in the first quarter of this year.

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