SPI Solar Enters into Settlement and Mutual Release with LDK Solar

Published January 5th 2015 at 2:04pm
SPI Solar  LDK Solar 
Solar Power, Inc. today announced that it has entered into a Settlement and Mutual Release with LDK Solar International Company Limited, pursuant to which LDK HK agreed to release and discharge SPI from all actions, claims, demands, damages, obligations, liabilities, controversies and executions arising out of SPI's payables to LDK HK and its subsidiaries, in exchange for an aggregate settlement amount of $11,000,000 (the "settlement arrangement").

Pursuant to the Settlement and Mutual Release, the $11,000,000 will be paid in installments before December 31, 2016 in accordance with a certain agreed schedule (which may be extended upon mutual agreement). LDK HK is entitled to revoke the settlement arrangement if payment of any said installment is in default for more than 30 days.

Source: SPI Solar
ENF Profiles For Companies Mentioned in This Article

SPI Solar (Solar Components): http://www.enfsolar.com/directory/component/4344
SPI Solar (Solar System Installers): http://www.enfsolar.com/directory/installer/4344
LDK Solar (Solar Materials): http://www.enfsolar.com/directory/material/2209
LDK Solar (Solar Panels): http://www.enfsolar.com/directory/panel/2209
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