LDK Solar (LDK) Announces Further Write Downs of $87.5 Million

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11:38:16 am on May 21, 2009

LDK Solar (LDK) is announcing today it is modifying its previous preliminary unaudited financial results for the 4th quarter and fiscal year 2008, to reflect an additional write down of about $87.5 million to its inventories and an additional provision of $12.3 for prepayments to suppliers it may not recover.  The modification comes as result of updated info about the estimated net realizable value of LDK’s inventories as well as its suppliers ability to honor existing contractual terms for delivery of product or refunds for paid amounts. 

LDK is trading down about 10% today but continues to hold above its 50 day moving average.

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