Harneys advises on restructuring of LDK Solar Co. Ltd.

In a deal that was shortlisted for an IFLR Asia Award 2015, Harneys was instructed by the Ad Hoc bondholder group in relation to the proposed US$2.78 billion restructuring of LDK Solar Co. Ltd (in Cayman Islands provisional liquidation), a leading producer of solar wafers and manufacturer of photovoltaic products, incorporated in the Cayman Islands.

Due to the deterioration in the group’s financial performance related to the adverse market conditions and resultant operational difficulties, the Company appointed provisional liquidators with a view to implementing a restructuring by way of a scheme of arrangement pursuant to section 86 of the Cayman Islands Companies Law (2013 Revision). The matter is of particular interest given the global nature of the business and the diverging interests of its bondholder creditors, preferred investors and other creditors.

Harneys Partner Ian Mann and Counsel Chai Ridgers are involved.