LDK Solar Fires Back At Q-Cells Following Contract Termination

LDK Solar Co. Ltd. has commented on Q-Cells SE's announcement of its unilateral termination of the solar wafer supply agreement concluded with LDK Solar in December 2007.

In its announcement, Q-Cells claimed that LDK Solar has not fulfilled significant contractual obligations under the supply agreement. LDK Solar says it vigorously disagrees with Q-Cells' claims.

During rounds of discussions and negotiations, LDK Solar has clearly stated to Q-Cells that it has not only procured feed stock for the manufacturing of the solar wafers under the contract, but has also manufactured the requisite quantities of the solar wafers ready for shipment to Q-Cells at its indication of willingness to accept, according to LDK Solar.

The company made deliveries during the first quarter of 2009 pursuant to purchase orders of Q-Cells under the supply agreement. Subsequent to March 2009, LDK Solar suspended deliveries at the request of Q-Cells in order to engage in various negotiations with Q-Cells in the interest of reaching a mutually agreeable amendment to the supply agreement.

During the negotiation process, Q-Cells unilaterally claimed, and has now publicly announced, the termination of the agreement. LDK Solar believes this termination is without any valid basis.



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