LDK Solar Co. Ltd.(NYSE: LDK), which Mergers & Acquisitions placed on our Distressed Company Watch List, has filed for provisional liquidation in the Cayman Islands.
The filing was made as the company attempts to resolve its offshore liquidity issues and is in discussions with creditors, according to a statement. On Dec. 27, the company proposed a plan to restructure notes on which it has an overdue interest payment. Appointing liquidators in the Cayman Islands would not affect the company's operations in China, where it is based. LDK has no intention of filing for debt restructuring in China, the company says.