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China's leading solar firm LDK Solar Co., Ltd filed for bankruptcy protection in the United States Wednesday as a key step for the troubled company's overseas debt restructuring.
The company started its overseas debt restructuring in Cayman Islands via provisional liquidation in February to resolve its offshore liquidity issues. The plan involves its subsidiaries in Cayman Islands, Hong Kong and the United States.
The overseas debt restructuring will be completed this year, said Peng Shaomin, a spokesperson for the photovoltaic products manufacturer based in Xinyu, east China's Jiangxi Province.
LDK Solar successfully listed in New York in 2007.
The company suffered a loss of 1.3 billion yuan ( 211 million U.S. dollars) in 2013, compared with the loss of 4.3 billion yuan in 2012, according to a report issued by the Jiangxi commerce and industry association last month.
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