In Thursday's Papers: Banks Sue LDK Solar over Loan Repayment, Shaanxi Dairy Company Owner Dies from Attack
Solar equipment maker Jiangxi LDK Solar
Hi-Tech Co. Ltd is sued by creditors
Banks Sue LDK Solar over Loan Repayment
LDK Solar is being sued by creditor banks for overdue loans of around 100 million yuan. The indebted, New York-listed maker of solar power equipment has borrowed between 14 billion and 15 billion yuan from domestic banks, and has allowed a partially state-owned firm to buy 19.9 percent of it to boost creditor confidence. Meanwhile, the New York Stock Exchange has warned LDK it could be delisted if poor performance continues. A source close to the situation said the plaintiffs were mainly small city commercial banks, rather than the company's major creditors, including Bank of China, China Construction Bank and Agricultural Bank of China.
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