China's solar giant completes restructuring offshore debts

NANCHANG -- One of China's leading solar firms, LDK Solar Co Ltd, has completed restructuring debts in Hong Kong, the United States and the Cayman Islands, the company said Thursday.

The debt restructuring transaction between the company, senior bondholders and preferred shareholders was completed Wednesday, with a total value up to $700 million, said Peng Shaomin, a spokesperson for the photovoltaic (PV) products manufacturer based in Xinyu, East China's Jiangxi province.

The company is the first firm in the PV production sector in China to finish its offshore debt restructuring. Affected by the global economic slowdown and the punitive anti-dumping duties levied by the United States and the European Union, the industry has experienced difficulties in recent years.

Figures show LDK Solar suffered a loss of 1.3 billion yuan ($211 million) in 2013, compared with the loss of 4.3 billion yuan in 2012.

According to Peng, the company will put more emphasis on developing Chinese and other emerging markets to mitigate the negative impact from the developed countries, such as the United States and Canada, because of the anti-dumping duties imposed by those countries.

LDK Solar successfully listed in New York in 2007.