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Cayman Islands court orders winding up of LDK Solar

3ffe0276abf5d68a29a58b7d8a6bca5b139397e0From SeeNews Renewables

April 8 (SeeNews) – The Grand Court of the Cayman Islands this week ordered that Chinese photovoltaics (PV) maker LDK Solar Co Ltd (OTCMKTS:LDKYQ), officially in liquidation, be wound up in accordance with the Companies Law.

The Cayman court also ordered that two members of FTI Consulting, namely David Martin Griffin and John Howard Batchelor, be appointed as joint official liquidators of the company.

LDK Solar was once one of the leading vertically integrated PV manufacturers globally, but it was also one of the most indebted. In early 2014 the company applied for provisional liquidation in the Cayman Islands in a bid to solve its offshore debt issues. It came out of provisional liquidation in April 2015 but in the autumn of that year four Chinese subsidiaries entered bankruptcy restructuring due to financial troubles.

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