LDK Solar Files for Bankruptcy In U.S. Court on China Solar Glut

LDK Solar Co., the Chinese solar- cell maker that defaulted on its bonds this year, filed for bankruptcy in the U.S. to help carry out restructurings already under way in Hong Kong and the Cayman Islands (In re LDK Solar Co., Bankr. D. Del., 14-12387, petition filed 10/21/14).

Xinyu, China-based LDK filed for Chapter 15 protection Oct. 21 in Wilmington, Del., listing about $1.13 billion in debt and $510 million in assets as of May 31. Chapter 15 is the section of the Bankruptcy Code used by foreign companies restructuring abroad to fend off creditors and distribute payments ...