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LDK Solar (LDK) Gets Mo’ Money From China Banks
LDK Solar (LDK) is announcing this morning it has received a loan of about $29 million from China Development Bank as well as approval for a credit line of around $145 million from Agricultural Development Bank of China which will help fund continuing business operations at a time when financing can be difficult. It appears China is ready and willing to fund their strongest solar companies.
“We are very pleased to secure this loan and line of credit and further strengthen our financial position, particularly at a time when many businesses are being impacted by the tight credit markets,” stated Xiaofeng Peng, Chairman and CEO of LDK Solar. “We are excited that our local banks have shown their financial support for LDK Solar and the continued development of the solar industry in China. We will continue to explore the opportunity in strengthening our business presence in the Chinese solar industry.”
LDK is trading strong today, up about 4.5% on the news.
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