elektra
Platinum Member
As if the Money Pit of Green Energy can not get any deeper, Chinese companies now seek Bankruptcy protection in U.S. Courts.
I wonder, if the cost of the judges and lawyers, the court clerks, everyone remotely involved, I wonder if anyone takes that cost into account in the cost of Solar. The answer, nope.
LDK Files Bankruptcy in U.S. Court on China Solar Glut - Bloomberg Business
I wonder, if the cost of the judges and lawyers, the court clerks, everyone remotely involved, I wonder if anyone takes that cost into account in the cost of Solar. The answer, nope.
LDK Files Bankruptcy in U.S. Court on China Solar Glut - Bloomberg Business
Oct. 21 (Bloomberg) -- LDK Solar Co., the Chinese solar-cell maker that defaulted on its bonds this year, filed for bankruptcy in the U.S. to help carry out restructurings already under way in Hong Kong and the Cayman Islands.
Xinyu, China-based LDK filed for Chapter 15 protection today in Wilmington, Delaware, listing about $1.13 billion in debt and $510 million in assets as of May 31. Chapter 15 is the section of the bankruptcy code used by foreign companies restructuring abroad to fend off creditors and distribute payments in the U.S.
Affiliates in the U.S., including LDK Solar Systems Inc., sought protection under Chapter 11.
“Since 2011, the group’s financial performance has significantly deteriorated,” in part due to overcapacity in the solar-cell market, Tammy Fu, a provisional liquidator for the company in Grand Cayman, said in a court filing.