LDK Solar Co., Ltd. (LDK), vertically integrated manufacturer of photovoltaic products, announced that, due to a temporary cash-flow shortage, it was not able to make full payments to the holders of its 4.75% convertible senior notes due 2013 in an aggregate principal amount of US$23.79 million, plus interest, otherwise due and payable on their maturity date of April 15, 2013.
However, the company said it has privately and individually negotiated with two holders of such convertible notes in the aggregate principal amount of US$16.55 million, and reached settlement with them, shortly before the maturity date, through a partial payment in cash and effectively a loan facility to postpone the repayment of the remaining indebtedness.
The company noted that it had informed The Bank of New York Mellon, as trustee for the holders of the convertible notes, of such nonpayment.
The company said it is nevertheless ready and willing to discuss and reach a settlement for the remaining convertible notes.
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