Consent Solicitation In Relation To 10.00% Senior Notes Due 2014

       Consent Solicitation In Relation To 10.00% Senior Notes Due 2014

PR Newswire

XINYU CITY, China and SUNNYVALE, Calif., Dec. 14, 2012

XINYU CITY, China and SUNNYVALE, Calif., Dec. 14, 2012 /PRNewswire/ -- LDK
Solar Co., Ltd. (the "LDK Solar") (NYSE: LDK), a leading vertically integrated
manufacturer of photovoltaic (PV) products, today announced a solicitation of
consents (the "Consent Solicitation") to proposed amendments (the "Proposed
Amendments") to the Indenture, dated as of February 28, 2011 (as supplemented
or amended to the date hereof, the "Indenture"), by and between LDK Solar, the
Subsidiary Guarantors (as defined therein), The Bank of New York Mellon,
London Branch, as trustee and paying and transfer agent, and The Bank of New
York Mellon (Luxembourg) S.A., as registrar, governing its 10.00% Senior Notes
Due 2014 (ISIN No. XS0592597099, CUSIP No. 059259709) (the "2014 Notes"). The
Consent Solicitation will be subject to the terms and conditions set forth in
the consent solicitation statement (as the same may be amended or
supplemented, the "Consent Solicitation Statement") dated December 14, 2012.
Unless otherwise defined herein, capitalized terms used in this announcement
have the meanings set forth in the Indenture.

LDK Solar is seeking to amend the Indenture to give it more flexibility to
pursue certain actions in its liquidity and capital restructuring plan and to
enhance its ability to take necessary actions to improve liquidity and
increase cash flow under current challenging market conditions.

The background and a summary of the Proposed Amendments are set out as
follows:

  oamend the Limitation on Indebtedness and Preferred Stock covenant to:

       oadd a further category of Permitted Indebtedness that will permit LDK
         Silicon & Chemical or its Subsidiary to issue up to US$200 million of
         a further series of redeemable convertible preferred shares (the
         "Series B Preferred Shares") for the purpose of settling certain
         accounts payable owed to vendors or suppliers of LDK Solar's PRC
         subsidiaries;

       oadd a further category of Permitted Indebtedness that will allow
         Guarantees by any Restricted Subsidiary of amounts that remain owed
         by a Disposed Restricted Subsidiary (as such term would be defined by
         the Proposed Amendments) following the transfer of a majority or all
         of the Capital Stock of such Disposed Restricted Subsidiary to
         creditors or investors in exchange for the forgiveness or assumption
         of a portion or all of the outstanding indebtedness of such Disposed
         Restricted Subsidiary and/or the transferring Restricted Subsidiary;

       oadd a further category of Permitted Indebtedness that will allow LDK
         Solar to incur up to an aggregate principal amount of US$350 million,
         with limits on the maximum aggregate amount that can be Incurred and
         outstanding for each business line and during each quarter, to fund
         the ramp-up of production of polysilicon, solar wafers, cells and
         modules and to fund EPC services and solar farm projects;

       oinclude the series A redeemable convertible preferred shares (the
         "Series A Preferred Shares") issued by LDK Silicon & Chemical in June
         2011 as Indebtedness that may be refinanced with permitted
         Refinancing Indebtedness;

       oamend the maximum principal amount that can be Incurred and
         outstanding at any time as Purchase Money Indebtedness and
         Capitalized Lease Obligations from 10% of Total Assets to a maximum
         aggregate principal amount of US$780 million. To date, LDK Solar has
         Incurred and has outstanding approximately US$660 million of Purchase
         Money Indebtedness and Capitalized Lease Obligations. The additional
         amounts would be used to finance the installation and construction of
         property, plant and equipment to improve efficiency at LDK Solar's
         polysilicon, solar wafer, cell and module facilities; and

       oincrease the maximum amount of permitted working capital Indebtedness
         to US$125 million from US$75 million to allow LDK Solar to continue
         to fund payments of outstanding payables, interest expenses, research
         and development expenses and miscellaneous operating expenses at LDK
         Solar's production facilities;

  oamend the Limitation on Restricted Payments covenant to:

       oallow LDK Solar to pay any dividend or other distribution on the
         Series B Preferred Shares, provided that LDK Silicon & Chemical and
         all other Subsidiaries within the Polysilicon Group are Restricted
         Subsidiaries at the time of such distribution; and
       oo clarify that the calculation of the aggregate amount of
         Restricted Payments will exclude any permitted dividends or
         distributions with respect to the Series B Preferred Shares in the
         same manner as dividends or distributions with respect to the Series
         A Preferred Shares currently outstanding;

  oamend the Limitation on Asset Sales covenant to:

       oremove the requirement that LDK Solar be able to Incur at least
         US$1.00 of additional Indebtedness under Section 3.8(a) of the
         Indenture when conducting an Asset Disposition;

  oamend the Limitation on Dividend and Other Payment Restrictions Affecting
    Restricted Subsidiaries covenant to:

       oallow for any restrictions imposed on the payment of dividends or
         other distributions on the Common Stock of LDK Silicon & Chemical or
         its Subsidiary by the terms of the Series B Preferred Shares in the
         same manner as the Series A Preferred Shares currently outstanding;

  oamend the Event of Default provision to:

       olimit the circumstances that would give rise to an Event of Default
         under Sections 6.1(a)(5), (a)(6) and (a)(8) of the Indenture to the
         case of a default, failure to satisfy judgment(s), or bankruptcy or
         insolvency proceedings by LDK Solar or any Significant Subsidiary (as
         such term would be defined by the Proposed Amendments);

  othe definition of Change of Control to:

       oremove the provision whereby if the Permitted Holders beneficially
         own, directly or indirectly, in the aggregate less than 35% of the
         Voting Stock of LDK Solar such circumstance will give rise to a
         Change of Control;

  oamend the definition of Permitted Investment to:

       oallow Investments equal to the Fair Market Value of the Capital Stock
         of any Disposed Restricted Subsidiary (as such term would be defined
         by the Proposed Amendments) held by any Former Holding Company (as
         such term would be defined by the Proposed Amendments) immediately
         following a sale or disposition of Capital Stock which results in
         such Disposed Restricted Subsidiary ceasing to be a Restricted
         Subsidiary;

       oallow Guarantees by a Restricted Subsidiary of Indebtedness of a
         Disposed Restricted Subsidiary in connection with transactions in
         which one of LDK Solar's Restricted Subsidiaries agrees to transfer a
         majority or all of the Capital Stock of a Disposed Restricted
         Subsidiary in exchange for the forgiveness or assumption of a portion
         or all of its outstanding debt obligations and/or the outstanding
         debt obligations of such Disposed Restricted Subsidiary;

       oallow for the redemption of the Series A Preferred Shares of LDK
         Silicon & Chemical from the proceeds of permitted Refinancing
         Indebtedness; and

  oamend the definition of Polysilicon Subscription Agreement to:

       oaccount for the potential extension of the mandatory redemption date
         of the Series A Preferred Shares issued by LDK Silicon & Chemical
         beyond June 2013.

The record date for the Consent Solicitation is 5:00 p.m., London time, on
December 14, 2012. The Consent Solicitation will expire at 5:00 p.m., London
time, on December 21, 2012, unless extended or terminated by LDK Solar. LDK
Solar is offering to the holders of record of the 2014 Notes as of the record
date a consent fee of RMB10 for each RMB10,000 in principal amount of the 2014
Notes in respect of which such holder has validly delivered (and has not
validly revoked) a consent pursuant to the terms and conditions of the Consent
Solicitation Statement prior to its expiration. LDK Solar's obligation to
accept consents and pay the consent fee is conditioned on, among other things,
there being validly delivered unrevoked consents from the holders of not less
than a majority in aggregate principal amount of the outstanding 2014 Notes.

For a detailed statement of the terms and conditions of the Consent
Solicitation and the Proposal, holders of the 2014 Notes should refer to the
Consent Solicitation Statement and related documents. The Consent Solicitation
Statement will be distributed to the holders of the 2014 Notes by D.F. King
Worldwide, the Information and Tabulation Agent for the Consent Solicitation
and has been filed by LDK Solar with the Securities and Exchange Commission of
the United States on Form 6-K. LDK Solar has engaged Citigroup Global Markets
Limited to act as the solicitation agent for the Consent Solicitation.
Questions from holders of 2014 Notes regarding the Consent Solicitation or
requests for additional copies of the Consent Solicitation Statement or other
related documents should be directed to the Information and Tabulation Agent
for the Consent Solicitation, at 48 Wall Street, 22^nd Floor, New York, New
York 10005, United States (+1 212 493 6996 or +1 800 290 6431 (toll free
within the United States)) or at City Point, 11^th Floor, 1 Ropemaker Street,
London, EC27 9AW, United Kingdom (+44 20 7920 9700) or Citigroup Global
MarketsAsia Limited, the Solicitation Agent for the Consent Solicitation,
at50F Citibank Tower,Citibank Plaza,3 Garden Road, Central, Hong
Kong,attention:Hong Kong Debt Syndicate Desk (+8522501 2552).

This announcement is not a solicitation of consent with respect to any 2014
Notes. The Consent Solicitation is being made solely by the Consent
Solicitation Statement and related documents, dated December 14, 2012, which
set forth a detailed statement of the terms and conditions of the Consent
Solicitation. The distribution of this announcement in certain jurisdictions
may be restricted by law. Persons into whose possession this announcement
comes are required to inform themselves about, and to observe, any such
restrictions.

This announcement does not constitute an offer to sell or the solicitation of
an offer to buy any securities in the United States or any other jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No securities may be offered or sold in the United States absent
registration or an applicable exemption from registration requirements. Any
public offering of securities to be made in the United States will be made by
means of a prospectus. Such prospectus will contain detailed information about
the company making the offer and its management and financial statements. No
public offer of securities is to be made by the LDK Solar Co., Ltd. in the
United States.

ABOUT THE COMPANY

LDK Solar is a leading vertically integrated manufacturer of photovoltaic (PV)
products. LDK Solar manufactures polysilicon, mono and multicrystalline
ingots, wafers, cells, modules, systems, power projects and solutions. LDK
Solar's headquarters and principal 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. For more information about LDK Solar and its products, please
visit www.ldksolar.com.

SAFE HARBOR STATEMENT

This announcement 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 projects, 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 PV industry. Actual results may differ
materially from the anticipated results due to many factors, including
changes in the market and price for the 2014 Notes; changes in the business
and financial condition of LDK Solar and its subsidiaries; changes in the debt
markets in general; and the occurrence of events specified in the Consent
Solicitation that would trigger a condition permitting termination or
amendment of the Consent Solicitation. 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, The Blueshirt Group for LDK Solar, +1-415-217-4967,
lisa@blueshirtgroup.com; or Jack Lai, Executive VP and CFO, LDK Solar Co.,
Ltd., +1-408-245-8801, IR@ldksolar.com
 
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