Ldk solar's creditors were close to finalising a binding agreement to restructure US$689m of offshore liabilities last week in a move that could provide a template for other struggling Chinese companies. Addressing its overseas obligations without declaring bankruptcy in China allowed LDK to push for a rapid resolution and gave creditors their best chance of recovery, people familiar with the matter said. An ad hoc committee, representing over 49% of holders of LDK's US$266.5m of outstanding renminbi-denominated 10% senior convertible bonds, has agreed to the workout in principle, according to a March 25 SEC filing.
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