LDK Solar Co., China’s second-biggest maker of solar wafers, said it got a 30-day reprieve from having to pay interest on debt payments that were due last month.
The forbearance arrangement, covering payments that were due Aug. 28 on the company’s 2014 securities, will expire on Oct. 27, the company said today in a statement on its website. LDK Solar said it is “the first step in achieving a consensual solution to its obligations under the notes.”
Xinyu, China-based LDK said Sept. 4 it delayed $13 million of interest payments that were due last month. It’s hired Jefferies Group LLC to advise on its offshore debt obligations.
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