Chinese Solar Companies going bankrupt in USA

elektra

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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

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.
 

DriftingSand

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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

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.
Cool!
 

Hossfly

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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

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.
Cool!
Not to worry. Barry will get it fixed and if he doesn't then President Clinton will wave her magic wand.
 

DriftingSand

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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

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.
Cool!
Not to worry. Barry will get it fixed and if he doesn't then President Clinton will wave her magic wand.
True ... anything to help their fellow Communists.
 
OP
elektra

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Maybe our business environment sucks????
Because in part, we have diverted 100's of billions of dollars into green energy research and development, which is going bankrupt, everywhere.

The Universities, the Courts, the Bureaucracy of Government, the Department of Energy, The Environmental Protection Agency, is just the tip of the Ice Berg.

Yea, no kidding, our business environment sucks, which here in California is dominated by AB 32, our Green Energy/AGW solution.

Thanks to you, Matthew, and all who think like you, which for some stupid reason you have failed to grasp, our business environment sucks, Energy is essential to Business.
 

Old Rocks

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Yep, energy is essential to business. And that is why the utilities are buying more wind and solar, and closing coal fired plants.

http://www.nytimes.com/2014/11/24/b...-win-on-price-vs-conventional-fuels.html?_r=0

In Texas, Austin Energy signed a deal this spring for 20 years of output from a solar farm at less than 5 cents a kilowatt-hour. In September, the Grand River Dam Authority in Oklahoma announced its approval of a new agreement to buy power from a new wind farm expected to be completed next year. Grand River estimated the deal would save its customers roughly $50 million from the project.

And, also in Oklahoma, American Electric Power ended up tripling the amount of wind power it had originally sought after seeing how low the bids came in last year.

“Wind was on sale — it was a Blue Light Special,” said Jay Godfrey, managing director of renewable energy for the company. He noted that Oklahoma, unlike many states, did not require utilities to buy power from renewable sources.

“We were doing it because it made sense for our ratepayers,” he said.

According to a study by the investment banking firm Lazard, the cost of utility-scale solar energy is as low as 5.6 cents a kilowatt-hour, and wind is as low as 1.4 cents. In comparison, natural gas comes at 6.1 cents a kilowatt-hour on the low end and coal at 6.6 cents. Without subsidies, the firm’s analysis shows, solar costs about 7.2 cents a kilowatt-hour at the low end, with wind at 3.7 cents.
 

DriftingSand

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Yep, energy is essential to business. And that is why the utilities are buying more wind and solar, and closing coal fired plants.

http://www.nytimes.com/2014/11/24/b...-win-on-price-vs-conventional-fuels.html?_r=0

In Texas, Austin Energy signed a deal this spring for 20 years of output from a solar farm at less than 5 cents a kilowatt-hour. In September, the Grand River Dam Authority in Oklahoma announced its approval of a new agreement to buy power from a new wind farm expected to be completed next year. Grand River estimated the deal would save its customers roughly $50 million from the project.

And, also in Oklahoma, American Electric Power ended up tripling the amount of wind power it had originally sought after seeing how low the bids came in last year.

“Wind was on sale — it was a Blue Light Special,” said Jay Godfrey, managing director of renewable energy for the company. He noted that Oklahoma, unlike many states, did not require utilities to buy power from renewable sources.

“We were doing it because it made sense for our ratepayers,” he said.

According to a study by the investment banking firm Lazard, the cost of utility-scale solar energy is as low as 5.6 cents a kilowatt-hour, and wind is as low as 1.4 cents. In comparison, natural gas comes at 6.1 cents a kilowatt-hour on the low end and coal at 6.6 cents. Without subsidies, the firm’s analysis shows, solar costs about 7.2 cents a kilowatt-hour at the low end, with wind at 3.7 cents.
Coal plants are being closed due to Obama's choke-hold on that industry and for no other reason.
 
OP
elektra

elektra

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Yep, energy is essential to business. And that is why the utilities are buying more wind and solar, and closing coal fired plants.

http://www.nytimes.com/2014/11/24/b...-win-on-price-vs-conventional-fuels.html?_r=0

In Texas, Austin Energy signed a deal this spring for 20 years of output from a solar farm at less than 5 cents a kilowatt-hour. In September, the Grand River Dam Authority in Oklahoma announced its approval of a new agreement to buy power from a new wind farm expected to be completed next year. Grand River estimated the deal would save its customers roughly $50 million from the project.

And, also in Oklahoma, American Electric Power ended up tripling the amount of wind power it had originally sought after seeing how low the bids came in last year.

“Wind was on sale — it was a Blue Light Special,” said Jay Godfrey, managing director of renewable energy for the company. He noted that Oklahoma, unlike many states, did not require utilities to buy power from renewable sources.

“We were doing it because it made sense for our ratepayers,” he said.

According to a study by the investment banking firm Lazard, the cost of utility-scale solar energy is as low as 5.6 cents a kilowatt-hour, and wind is as low as 1.4 cents. In comparison, natural gas comes at 6.1 cents a kilowatt-hour on the low end and coal at 6.6 cents. Without subsidies, the firm’s analysis shows, solar costs about 7.2 cents a kilowatt-hour at the low end, with wind at 3.7 cents.
Old Crock Cherry Picking.

What Old Crock left out to make his lie, from your link Old Crock.

http://www.nytimes.com/2014/11/24/b...-win-on-price-vs-conventional-fuels.html?_r=1

Those prices were made possible by generous subsidies that could soon diminish or expire
Subsidies Old Crock, $Billions$. From your link, thanks again Old Crock, you are a treasure of facts, which always are contrary to your opinion. Irony, Old Crock will always give us a link disproving Old Crock's post.
 

Old Rocks

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Coal also gets subsidies in the form of depletion allowances. And the taxpayers get to pay for the cleanup from the scalping mountain tops, and the resultant runoff. However, Note that dirty coal comes in at 6.6 cents a kilowatt, and wind, at 3.7 cents a kilowatt. And solar, the price of which is still rapidly declining, comes in at 7.2 cents a kilowatt. So, wind, even without subsidies, comes in cheaper than coal. And solar will soon be. And your silly rants won't even be remembered.

http://www.nytimes.com/2014/11/24/b...-win-on-price-vs-conventional-fuels.html?_r=2

According to a study by the investment banking firm Lazard, the cost of utility-scale solar energy is as low as 5.6 cents a kilowatt-hour, and wind is as low as 1.4 cents. In comparison, natural gas comes at 6.1 cents a kilowatt-hour on the low end and coal at 6.6 cents. Without subsidies, the firm’s analysis shows, solar costs about 7.2 cents a kilowatt-hour at the low end, with wind at 3.7 cents.
 
OP
elektra

elektra

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Coal also gets subsidies in the form of depletion allowances. And the taxpayers get to pay for the cleanup from the scalping mountain tops, and the resultant runoff. However, Note that dirty coal comes in at 6.6 cents a kilowatt, and wind, at 3.7 cents a kilowatt. And solar, the price of which is still rapidly declining, comes in at 7.2 cents a kilowatt. So, wind, even without subsidies, comes in cheaper than coal. And solar will soon be. And your silly rants won't even be remembered.

http://www.nytimes.com/2014/11/24/b...-win-on-price-vs-conventional-fuels.html?_r=2

According to a study by the investment banking firm Lazard, the cost of utility-scale solar energy is as low as 5.6 cents a kilowatt-hour, and wind is as low as 1.4 cents. In comparison, natural gas comes at 6.1 cents a kilowatt-hour on the low end and coal at 6.6 cents. Without subsidies, the firm’s analysis shows, solar costs about 7.2 cents a kilowatt-hour at the low end, with wind at 3.7 cents.
Why post studies when you can simply post facts, is it because a study is made to say whatever one feels?

The Lazard Study is proven to be hyperbole, go ahead and link to it, if you dare Old Crock.
 

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