LDK Solar Co., Ltd. in provisional liquidation and its Joint Provisional Liquidators (“JPLs”), Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, today announced that the Company has filed the petition commencing its restructuring proceedings in the Grand Court of the Cayman Islands (the “Grand Court”). The first hearing before the Grand Court will take place on September 12, 2014. At that hearing, orders will be sought convening meetings of the Company’s creditors on or around October 14, 2014 to consider and approve the scheme of arrangement.
The Company also announced today that it has accepted the resignation of Mr. Xiaofeng Peng as Chairman and as a Director of the Company effective immediately. The Company will form a search committee to find a new Chairman. In the meantime, Mr. Xingxue Tong, currently the President and Chief Executive Officer of the Company, will also act as Interim Chairman to guide the Company through the completion of its offshore restructuring. Mr. Peng will resign from his executive and director positions with various subsidiaries of the Company but will be retained as a senior consultant to the Company and its subsidiaries. In recognition of his many contributions to the Company since its founding, Mr. Peng will be named Chairman Emeritus for the Company.
