LDK Solar subsidiary begins insolvency proceedings in German court

By Kali Hays

New York, March 24 - LDK Solar Co., Ltd. subsidiary Sunways AG has begun preliminary insolvency proceedings in the German court, according to a 6-K filed with the Securities and Exchange Commission by LDK on Monday.

The German court appointed Dr. Thorsten Schleich as Sunways' administrator in the case and ordered "the formation of a preliminary creditors' committee in the near future," according to an informal March 21 press release from Sunways.

Sunways' insolvency proceedings also involve the assets of its subsidiary, Sunways Production GmbH.

LDK Solar is a manufacturer of photovoltaic products based in Xinyu City, China.

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