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LDK Solar Provides Additional Information On Its Request For Review Of NYSE Regulation's Decision To Suspend Trading And Commence Delisting Procedures

Stocks in this article: LDK





GEORGE TOWN, Cayman Islands and XINYU CITY, China and SUNNYVALE, Calif., April 17, 2014 /PRNewswire/ -- 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.

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