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LDK sells subsidiary for $4m

4 Jan 2013

Chinese photovoltaic (PV) manufacturer LDK Solar has agreed to sell its LDK Anhui division to the Shanghai Qianjiang Group for RMB25m ($4m).

Under terms of the agreement, the Qianjang Group will release the guarantee LDK provided to the division and its subsidiaries within one year, as well as compensating LDK for any loss associated with the guarantee.

LDK is expecting the sale will increase its pro forma consolidated net assets by $58m, as well as decreasing its asset-to-liability ratio by around 1.8 per cent

The LDK Anhui division is located in Hefei City, west of Shanghai.

Xingxue Tong, president and CEO of LDK Solar, said, ‘We are pleased to reach this purchase agreement with Shanghai Qianjiang Group for LDK Anhui. This agreement marks continued progress on our plan to improve LDK Solar’s liquidity and working capital.’

In December LDK entered talks with creditors to get additional flexibility concerning its debts and to implement a liquidity and working capital plan.

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