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LDK Solar (LDK) Continues Slide As Q-Cells Ends Supply Deal
LDK Solar (LDK) continues its slide lower and is closing in on all time lows after Germany’s Q-Cells ended a solar wafer supply agreement because LDK apparently didn’t fulfill significant contractual obligations. It looks like Q-Cells wants out of the contract because it can get supplies much lower now than the price the companies agreed on when the contract was put into place in addition to needing some cash. The company claims that the $244 million payment made in early 2008 was secured by a bank guarantee and could be reclaimed if the agreement was terminated. Expect the legal wrangling to begin which would be a drag on shares of both companies for some time.
Shares of LDK Solar (LDK) are down 14% but off the lows of the day.
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