New energy’s richest drag racing Victoria bankruptcy asset-liability ratio of 105.6%

Polaris solar PV net news: following after Suntech, once RSVPs PV mixer LDK LDK Solar Co is in the brink of bankruptcy. United States local time on October 21, has arisen now to Wilmington, United States Bankruptcy Court bankruptcy filings. Some analysts believe, filed for bankruptcy help, LDK pushing forward restructuring plans. 2007, LDK LDK, founder on the Forbes China rich list ranked sixth, then the richest man in China’s new energy.

Jiangxi Xinyu LDK LDK headquarters

Has arisen now in the United States to file for bankruptcy

The LDK LDK filed for bankruptcy, is based on the United States 15th chapter of provisions on the protection of the Bankruptcy Act. Relevant provisions shows that foreign companies in the United States through the overseas restructuring approach was to avoid American creditors and Payables to recover debts. 17th, the LDK LDK has announced that LDK LDK and its two branches of creditors voted to approve the company’s reorganization plan. The plan will be submitted to the courts of Hong Kong and the Cayman Islands. Grand Court of the Cayman Islands and Hong Kong, respectively, in the High Court on November 6 and 7th review plans.

According to another report, LDK LDK in the Cayman Islands, the provisional liquidator said in a court document, from 2011, the Group’s financial performance deteriorated sharply, partly because of excess capacity in the solar cell market. The company said in a court filing listed assets of as much as $ 1 billion. ‘S largest unsecured creditors listed in the bankruptcy file including Bank of New York Mellon and the Nanchang branch of China Development Bank, which is trustee of $ 284.7 million senior notes due this year, which is owed $ 17.9 million.

Asset-liability ratio of up to 105.6%

According to the latest figures, first half of 2014, LDK Solar a loss of 685 million Yuan, a net loss of 562 million dollars. In 2013, the LDK lost $ 1.339 billion dollars, compared to 4.341 billion yuan in 2012, and losses have narrowed considerably, and the asset-liability ratio was at a record high. At the end of June 2014, LDK-1.341 billion yuan on equity, asset-liability ratio as high as 105.6%. In fact, as early as a year ago, LDK will appear insolvent. Earnings data show that as of the first half of 2013, corporate debt to asset ratio is 101.65%. End of first half of 2014, the company generated net cash flow from operating activities-2.204 billion yuan in 2013, representing a sharp deterioration in 605 million Yuan at the end of it.

According to the League Secretary General Wang Bohua Chinese photovoltaic industry introduced a decade photovoltaic industry development has gone through five major stages: rapid development period, the first period of adjustment and explosive rebound period, strenuous period of adjustment and industry recovery period. In his view, the PV industry’s core problem is dependence on subsidies and subsidy policy change, tremendous impact on enterprises in the industrial cycle. LDK finally didn’t survive the warming cycle.

The founder was the richest man in the new energy

On September 12, LDK Solar LDK LDK has resigned as the company’s Chairman, founder and Director, but still served as Senior Advisor and Honorary Chairman of the company.

LDK was born in a small village in anfu County, Jiangxi province, in 2007 he was 32 years old, LDK at $ 28 a share listing in the United States, which raised $ 469 million, its highest amount of Chinese enterprises IPO record on September 26 after three months, the shares rose as high as $ 76.7 up 174%. Since then, Regal LDK became China’s youngest tens of billions of dollars, the personal assets of as much as 40 billion yuan, ranked sixth on the Forbes China rich list for the year, become the richest man in China’s new energy. Although the fortunes of the financial tsunami, in 2008 China rich list, he was ranked fourth, and richest man in new energy, worth 27 billion yuan. Peng Xiaofeng has naturally become the richest man in Jiangxi.

LDK Xinyu, Jiangxi headquarters a few miles away, there is a town called Mahon. It is said that the Chairman and CEO of LDK LDK LDK for half a month, it has built the world’s largest polysilicon plant. From this magnificent 15000 tons of chemical project construction began in 2008, LDK raised 12 billion yuan of funds, hired a Fortune 500 contractor United States Fluor Corporation, using the world’s most advanced technology, so that has arisen now as the world’s biggest maker of Silicon.

LDK said at that time, he was just at the right time and place, having a proper team, doing the right thing. But now, things have changed.

Original title: new energy’s richest drag racing Victoria bankruptcy asset-liability ratio of 105.6%

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