LDK Solar Announces PRC Court Injunction Against Guarantee Banks

LDK Solar Announces PRC Court Injunction Against Guarantee Banks From Payments
to Q-Cells

  PR Newswire

  XINYU CITY, China and SUNNYVALE, Calif., Nov. 11

XINYU CITY, China and SUNNYVALE, Calif., Nov. 11 /PRNewswire-FirstCall/ -- LDK
Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar
wafers, today announced that, upon its motion, the Superior People's Court in
Jiangxi Province has issued a civil order freezing any payment that may be
made by the relevant guarantor/counter-guarantor banks pursuant to the
guarantee and/or counter-guarantee issued in connection with the prepayments
made by Q-Cells SE. Q-Cells made prepayments in the aggregate amount of
US$244.5 million under the solar wafer supply agreement with LDK Solar. The
injunctive relief also takes certain other asset preservation actions in aid
of execution and will remain effective for a period of six months until May 8,
2010. Separately, LDK Solar has appealed the decision of the Regional Court of
Berlin that lifted its preliminary injunction on the drawdown by Q-Cells under
the German bank guarantee. LDK Solar is also making arrangements to speed up
the ICC arbitration process as permitted and required under the supply
agreement for a fair determination on the substance of the dispute over the
supply agreement.

Alongside these actions, LDK Solar and Q-Cells have been engaged in
negotiations in Europe and Asia with a view toward reaching a mutually
agreeable solution to the dispute.

About LDK Solar (NYSE: LDK)

LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar
wafers, which are the principal raw material used to produce solar cells. LDK
Solar sells multicrystalline wafers globally to manufacturers of photovoltaic
products, including solar cells and solar modules. In addition, LDK Solar
provides wafer processing services to monocrystalline and multicrystalline
solar cell and module manufacturers. LDK Solar's headquarters and
manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City,
Jiangxi Province in the People's Republic of China. LDK Solar's office in the
United States is located in Sunnyvale, California.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact in this press
release are forward-looking statements, including but not limited to, LDK
Solar's ability to raise additional capital to finance its operating
activities, the effectiveness, profitability and marketability of its
products, the future trading of its securities, the ability of LDK Solar to
operate as a public company, the period of time during which its current
liquidity will enable LDK Solar to fund its operations, its ability to protect
its proprietary information, the general economic and business environment and
conditions, the volatility of LDK Solar's operating results and financial
condition, its ability to attract and retain qualified senior management
personnel and research and development staff, its ability to timely and
efficiently complete its ongoing construction projects, including its
polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's
filings with the Securities and Exchange Commission. These forward-looking
statements involve known and unknown risks and uncertainties and are based on
information available to LDK Solar's management as of the date hereof and on
its current expectations, assumptions, estimates and projections about LDK
Solar and the solar industry. Actual results may differ materially from the
anticipated results because of such and other risks and uncertainties. LDK
Solar undertakes no obligation to update forward-looking statements to reflect
subsequent events or circumstances, or changes in its expectations,
assumptions, estimates and projections except as may be required by law.

SOURCE LDK Solar Co., Ltd.

Website: http://www.ldksolar.com
Contact: Lisa Laukkanen of The Blueshirt Group, +1-415-217-4967,
lisa@blueshirtgroup.com, for LDK Solar; or Jack Lai, Executive VP and CFO of
LDK Solar Co., Ltd., +1-408-245-8801, IR@ldksolar.com
 
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