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LDK Solar Stares Into the Abyss

By Dong Jing, Wu Hongyuran and Dong Tongjian
LDK Solar’s four biggest subsidiaries, including Jiangxi LDK Solar Hi-Tech, hold most of the parent company’s 51.6 billion yuan ($7.8 billion) in debt. Photo: Visual China
LDK Solar’s four biggest subsidiaries, including Jiangxi LDK Solar Hi-Tech, hold most of the parent company’s 51.6 billion yuan ($7.8 billion) in debt. Photo: Visual China

The future of debt-laden LDK Solar, once a star of the global photovoltaic industry, looks increasingly precarious as creditors owed almost $8 billion remain locked in a standoff with court-appointed administrators trying to find investors to buy parts of the group and save it from liquidation.

Almost two years after a court in Jiangxi province approved bankruptcy reorganization proceedings for LDK Solar’s four biggest subsidiaries, which hold most of the group’s 51.6 billion yuan ($7.8 billion) of debt between them, hopes are fading that the company will be able to rise from the ashes.

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