LDK Peng Xiaofeng sued personal bankruptcy prosecution from CCB Investment Department

The 21st century Economic reporter was informed that the liquidator had asked LDK (NYSE:LDK) founder, shareholder, current chairman and Chief Executive Officer Peng Xiaofeng to enter the bankruptcy proceedings. At present, the liquidator representing the investment company Apollo Investment Asia Limited in Caimas, Is. has submitted documents to the Securities and Exchange Commission (SEC). According to Apollo, a total of 64.4 million U.S. dollars of preferred shares, dated back to 2011, violate the "priority" document. Apollo is an investor in LDK's subsidiary, LDK, which raised $240 million trillion in 2012. Apollo is the investment department of China Construction Bank. According to SEC filings, Peng Xiaofeng's personal bankruptcy proceedings are expected to hold preliminary hearings in China on May 30, 2014. In the filing, the co-liquidator noted that LDK currently has a debt of more than 4.8 billion dollars. The document notes that LDK currently has 40.8 million of dollars in receivables that are due from best solar, a subsidiary of LDK New Energy under the control of Peng Xiaofeng, but that the best solar due amount is still outstanding from LDK's 21.1 million dollars. The liquidator said it planned to recruit KPMG to complete the 2013-year audit before October 31, 2014 and to comply with the SEC rules. At the same time, the 6 million of dollars initially given to them to deal with bankruptcy is now largely exhausted and is expected to require another 14 million dollars to continue the operation. Access to funds may come from Xinyu, a subsidiary of the state-owned asset management company, Hrx, a 13% shareholder in LDK. LDK Caimas, Is. 's first trial was set for April 2, 2014.