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LDK Solar's controlling shareholder gets breather from lenders

Tuesday, 2 Oct 2012 | 10:03 AM ET

Oct 2 (Reuters) - LDK Solar Co Ltd said lenders to its controlling shareholder have agreed not to sell some loan-related collateral, including shares of the Chinese solar equipment maker, for 12 months.

Shareholder LDK New Energy Holding Ltd had pledged ordinary shares and American Depositary Shares representing about 52.9 percent of LDK Solar's outstanding share capital under a credit agreement in September last year.

The lenders got the right to sell the collateral when LDK New Energy defaulted, LDK Solar said in a statement on Tuesday.

LDK Solar shares were flat at $1.05 in early trade on the New York Stock Exchange. The stock had fallen 75 percent this year as of Monday.

(Reporting by Krishna N. Das in Bangalore; Editing by Sreejiraj Eluvangal)

((krishna.das@thomsonreuters.com)(within U.S. +1 646 223 8780 x 5798, outside U.S. +91 80 4135 5800)(Reuters Messaging: krishna.das.thomsonreuters.com@reuters.net))

Keywords: LDKSOLAR LOAN/

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