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07.24.2012 20:34

Local Gov't Struggles with Solar Manufacturer's Debt

Jiangxi LDK's creditors try to work out repayment deal with officials in Xinyu
By staff reporters Huo Kan and Yang Qiubo

(Beijing) – Led by China's policy bank, creditors of Jiangxi LDK Solar are in talks with the company's host city government over loan payback.

The local government on July 12 set a provision of 2 billion yuan from the city budget to cover part of the company's financial gap, and officials are scrambling to sell stakes of the troubled company to local state-owned enterprises. 

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