North Coast Solar Stocks

November 11, 2009

LDK Solar Announces PRC Court Injunction Against Guarantee Banks From Payments to Q-Cells

Filed under: LDK — Tags: , , , , — Jason @ 3:15 am

3:15 am EST, Wednesday November 11, 2009

XINYU CITY, China and SUNNYVALE, Calif., Nov. 11 /PRNewswire-FirstCall/ — LDK Solar Co., Ltd. (LDK), a leading manufacturer of multicrystalline solar wafers, today announced that, upon its motion, the Superior People’s Court in Jiangxi Province has issued a civil order freezing any payment that may be made by the relevant guarantor/counter-guarantor banks pursuant to the guarantee and/or counter-guarantee issued in connection with the prepayments made by Q-Cells SE. Q-Cells made prepayments in the aggregate amount of US$244.5 million under the solar wafer supply agreement with LDK Solar. The injunctive relief also takes certain other asset preservation actions in aid of execution and will remain effective for a period of six months until May 8, 2010. Separately, LDK Solar has appealed the decision of the Regional Court of Berlin that lifted its preliminary injunction on the drawdown by Q-Cells under the German bank guarantee. LDK Solar is also making arrangements to speed up the ICC arbitration process as permitted and required under the supply agreement for a fair determination on the substance of the dispute over the supply agreement.

Alongside these actions, LDK Solar and Q-Cells have been engaged in negotiations in Europe and Asia with a view toward reaching a mutually agreeable solution to the dispute.

Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: