LDK Solar Co. Ltd., a China-based manufacturer of vertically integrated PV products, has filed a Chapter 15 proceeding in a U.S. Bankruptcy Court in Wilmington, Del.
According to a Bloomberg report, the company had $510 million in assets and $1.13 billion of debt as of the end of May. This U.S. bankruptcy filing follows the company's restructurings in both Hong Kong and the Cayman Islands.
Court filings cite"significantly deteriorated," finances for the company during the past few years, the report says. Last year, LDK attributed its troubles to a weakness in prices of polysilicon, wafers, cells and modules caused by overcapacity and competition in the industry.
The company's U.S. subsidiaries have also filed Chapter 11 proceedings, Bloomberg says.
In September, LDK Solar USA Inc., LDK Solar Tech USA Inc. and LDK Solar Systems Inc. announced a prepackaged plan of reorganization. The subsidiaries intended to implement the plan through the commencement of Chapter 11 cases, LDK Solar said in a press release.