LDK bankruptcy reorganization to meet the disk into a new 2 8 billion acquisition

Polaris solar PV net news: easily into a new night of November 17 disclosed restructuring plan, intended to LDK, Xinyu sinovideo creditors total 280 million shares and a cash payment of 702 million yuan of shares, in order to obtain stakes in two companies 100%, 7.59 Yuan per share offering price of shares, traded value of 2.566 billion and 263 million Yuan respectively. Old solar giant sinovideo LDK announced 4 domestic companies after bankruptcy reorganization, finally ushered in the buying Consortium.

Sinovideo is PV giants, beginning in 2012, suffering from global overcapacity, price competition and development issues such as decision-making, the company gradually into the corner.

4 companies owned by LDK LDK (LDK LDK Solar Co, LDK LDK Solar hi-tech (Xinyu) limited, the LDK LDK Solar Silicon technology, the LDK LDK Solar grade poly silicon limited) creditor applications, Xinyu City Intermediate Court ruled in November 2015 entered bankruptcy reorganization proceedings.

As of April 20, 2016, the LDK 4 claims identified by the managers of the company cumulative 44.519 billion yuan, today is expected to claim 4.762 billion yuan. LDK LDK bankruptcy restructuring also calls, investors should submit restructuring term sheet, which will explicitly ask investors to provide debt repayment scheme.

At present, can easily into new debt repayment scheme to buy LDK two subsidiaries have been identified. Reviewed by the Administrator finds the LDK claims a total of 561, recognized amount 21.486 billion yuan; Xinyu sinovideo claims a total of 113, identified amounts 3.489 billion yuan. Announcement displayed, according to Xinyu in the hospital ruled approved of Jiangxi game dimension restructuring plans and Xinyu game dimension restructuring plans, and easy into new can and sinovideo two company management people signed of restructuring investment agreement, except court written confirmed of retained debt by restructuring completed Hou of Jiangxi game dimension, Xinyu game dimension continues to bear outside, remaining debt in game dimension two company bankruptcy restructuring creditors or claims by let party gets agreed of shares or cash on price Hou all be settlement.

Reporters noted that the LDK as the normal operation of the company, and closely related to the new business. New 2015 annual report, LDK is the company’s second-largest sales accounts, annual sales of 134 million Yuan, annual sales total of 7.83%.

LDK LDK new buyers, one of the main wafer cutting blade can easily into new coal from 2013 shenma group into the master is positioned at the beginning of the pingdingshan coal shenma group new energy and new materials development platform. Easily into new energy, the trading company is mainly engaged in solar polycrystalline silicon wafer cutting blade of the mortar, waste recycling, diamond line of production and sales, anode materials for solar power plant construction, manufacturing and other businesses. After the transaction is completed, LDK 100% directly into new equity and Xinyu LDK 100% shares, the company’s business will be further expanded to the PV industry chain downstream.

In addition, easily into the new proposed coal shenma group the largest shareholder of five specific objects, to 7.59 Yuan per unit price, shares more than 277 million shares to raise matching funds no more than 2.1 billion yuan to cover the cash prices as well as offering investment and construction projects.

Original title: sinovideo bankruptcy reorganization as a new 2.8 billion buyers for two subsidiaries

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