GEORGE TOWN, Cayman Islands and
XINYU CITY, China and SUNNYVALE, Calif., April 17, 2014 /PRNewswire/ -- LDK Solar
Co., Ltd. in provisional liquidation ("LDK Solar" or the
"Company") and its Joint Provisional Liquidators, Tammy Fu and Eleanor
Fisher, both of Zolfo Cooper (Cayman) Limited, today
provided additional information on its request for a review of the
decision made on March 31, 2014 by
the staff of NYSE Regulation, Inc. ("NYSE Regulation") to suspend
trading of the Company's American depositary shares ("ADSs") on the
New York Stock Exchange (the "NYSE") and to commence delisting
proceedings. A date has now been set for June 26, 2014 for a review hearing before a
Committee of the Board of Directors of NYSE Regulation (the
"Committee"). There is no assurance that the NYSE Regulation
decision will be overturned in connection with the review
process.
In its hearing request, LDK Solar also disclosed certain
financial information to the NYSE relating to its fourth quarter
ended December 31, 2013 based on the
Company's unaudited management accounts, subject to adjustments and
finalization, as follows:
"For the third fiscal quarter ended September 30, 2013 and the fourth fiscal quarter
ended December 31, 2013, the Company
recorded 36.5% and 74.4%, respectively, in sequential revenue
growth on a quarter-by-quarter basis, and a sequential reduction in
net losses of 30.2% and 22.0%, respectively, on a
quarter-by-quarter basis, primarily due to increased demand for the
Company's products from domestic and international solar
markets. More specifically, the Company recorded net sales of
$273.1 million for the fourth
quarter, as compared to $156.6
million and $114.7 million for
the third and second quarters of fiscal 2013, respectively, and a
net loss of $104.1 million for the
fourth quarter, as compared to $127.0
million and $165.3 million in
net losses, respectively, for the third and second quarters of
fiscal 2013."
As disclosed earlier, the Company's ADSs are currently trading
on the OTCQB market under the symbol "LDKSY" while trading is
suspended on the NYSE.
Cautionary Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, uncertainties relating to
the ability of Company to successfully appeal the decision of NYSE
Regulation regarding the Company's continued listing status and the
timing of any such final decision by the Committee, and other risks
and uncertainties disclosed in LDK Solar's filings with the
Securities and Exchange Commission. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on information available to LDK Solar's management as of
the date such information was prepared and on its
expectations, assumptions, estimates and projections as of such
date. Actual results may differ materially from the anticipated
results because of such and other risks and uncertainties. LDK
Solar undertakes no obligation to update forward-looking statements
to reflect subsequent events or circumstances, or changes in its
expectations, assumptions, estimates and projections except as may
be required by law.
About LDK Solar in provisional liquidation
LDK Solar Co., Ltd. in provisional liquidation is a
leading vertically integrated manufacturer of photovoltaic (PV)
products. LDK Solar, through its operating subsidiaries,
manufactures polysilicon, mono and multicrystalline ingots, wafers,
cells, modules, systems, power projects and solutions. LDK Solar's
principal manufacturing facilities are located in Hi-Tech
Industrial Park, Xinyu City, Jiangxi
Province in the People's Republic
of China. LDK Solar's subsidiary office in the United States is located in Sunnyvale, California. For more information
about LDK Solar and its products, please visit
www.ldksolar.com.
SOURCE LDK Solar Co., Ltd.