LDK Solar says in talks with creditors
NEW YORK (AP) — Chinese solar equipment maker LDK Solar said Wednesday that it is in talks with certain creditors to potentially revise terms and conditions of existing offshore debt.
LDK Solar Co., which makes a variety of solar products including wafers, cells and modules, said it is still working to address liquidity and working capital concerns.
In a filing with the Securities and Exchange Commission in May, LDK said that it was operating with a significant working capital deficit and that if its liquidity plan was not successfully executed it may be unable to continue as a going concern. The company said that its working capital deficit as of Dec. 31, 2011 was about $2.1 billion.
The company's stock rose 23 cents, or 22.1 percent, to $1.27 in midday trading. The shares have traded in a 52-week range of 71 cents to $6.92.