LDK Solar defaults payment, reports loss for seventh straight quarter

By Editor


Greentech Lead Asia: In less than a month after Chinese solar company Suntech filed for bankruptcy, another Chinese solar panel maker, LDK Solar, reported seventh straight quarterly loss and partially defaulted on bond payment.

LDK Solar partially defaulted on a $24 million bond due on Monday, which sparked serious concerns about the future of Chinese solar industry. German-listed shares of the company fell about 26 percent on Tuesday morning after this announcement.

LDK has another US$240 million in debt coming due in June. Analysts believe a default on that much larger amount could drag LDK to bankruptcy. To avoid this LDK is trying to sell off its assets in both state-and privately-owned entities.

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