LDK Solar Provides Additional Information on its Request for Review of NYSE Regulation's Decision to Suspend Trading and Commence Delisting Procedures
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.
Company in provisional liquidation: Lisa Laukkanen, The Blueshirt Group for LDK Solar, firstname.lastname@example.org, +1-415-217-4967; or Jack Lai, Executive VP and CFO, LDK Solar Co., Ltd., IR@ldksolar.com; or Provisional Liquidators: Tammy Fu, Zolfo Cooper (Cayman) Limited, Cayman Islands, or Eleanor Fisher, Zolfo Cooper (Cayman) Limited, Cayman Islands, LDKenquiries@zolfocooper.ky, +1-345-946-0081; or Financial Advisor to Company (in provisional liquidation): Augusto King, Jefferies LLC, aking@Jefferies.com, or Steven Strom, Jefferies LLC, sstrom@Jefferies.com, or Richard Klein, Jefferies LLC, rklein@Jefferies.com; or Legal Advisors to Company (in provisional liquidation): Thomas Albrecht, Sidley Austin, email@example.com, or Timothy Li, Sidley Austin, firstname.lastname@example.org; or Guy Manning, Campbells, email@example.com, or Mark Goodman, Campbells, firstname.lastname@example.org; or Financial Advisor to Senior Notes Holders: Brandon Gale, Houlihan Lokey, email@example.com; or Legal Advisor to Senior Notes Holders: Daniel Anderson, Ropes & Gray, firstname.lastname@example.org
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LDK Solar Co., Ltd.