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The New York Stock Exchange announced today that the staff of NYSE Regulation, Inc. has determined to commence proceedings to delist the American Depositary Shares (Each representing one ordinary share, nominal value $0.10 per share) of LDK Solar Co., Ltd. (NYSE:LDK) from the NYSE.
Trading in the Company’s American Depositary Shares will be suspended immediately.
As disclosed in its March 28, 2014 press release announcing the reopening of trading of the American Depositary Shares, NYSE Regulation intended to carefully consider price indications and whether subsequent trading of the American Depositary Shares reflected “abnormally low” price levels, among other factors. After due consideration, NYSE Regulation has now determined that the Company is no longer suitable for listing based on “abnormally low” price indications for the American Depositary Shares.
In reaching its decision to delist the American Depositary Shares pursuant to Listed Company Manual Section 802.01D, NYSE Regulation also considered the Company’s (i) February 24, 2014 announcement that it made a filing on February 21, 2014 with the Grand Court of the Cayman Islands (the “Cayman Court”) for the appointment of joint provisional liquidators (“JPL”) in connection with its plans to resolve its offshore liquidity issues and (ii) March 28, 2014 announcement detailing the nature of certain Restructuring Support Agreements entered into with holders of the Company’s Senior Notes and Preferred Obligations, subject to Cayman Court approval. NYSE Regulation notes the uncertainty as to the timing and outcome of the JPL process, as well as the ultimate effect of this process on the holders of the American Depositary Shares.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, NYSE Regulation may, at any time, suspend a security if it believes that continued dealings in or listing of the security on the NYSE are not advisable.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the SEC to delist the American Depositary Shares is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
