赛维光伏LDK

Late one night in April 2013, the light in LDK Solar’s meeting room was still on. The board of directors was still arguing over forthcoming obligations. On April 15, the company had another $2.38 billion convertible bond due. The question was whether to pay the debt or default. According to LDK Solar’s 2012 annual report, at the end of 2012 the firm’s total liabilities were $5.2 billion, while total assets were only $5.02 billion. Meanwhile, the current liabilities were $4.59 billion, which accounted for 88% of total liabilities. Short-term loans were $2.39 billion, which accounted for 45.96% of total liabilities. In contrast to the high level of debt , the cash flow of the company was only $98.28 million. LDK Solar suffered a loss of $1.05 billion in 2012.