LDK equipment supplier files for arbitrationNuying Huang, Taipei; Jackie Chang, DIGITIMES [Friday 6 July 2012]LDK's equipment supplier JYT Corporation recently requested arbitration that LDK pay CNY789,600 (US$124,208) and losses in interest rates of CNY38,400 and all fees occurred during their lawsuit. In addition, JYT also asked LDK to pay CNY313 million and losses in interest for terminating an equipment supply contract.LDK has been in the news due to its alleged financial troubles.JYT's first-quarter 2012 revenues showed a sequential decrease of 80%. This also affected one of JYT's suppliers, Sichuan Injet Electric. Injet Electric recently filed applications to be listed in China's stock exchange but was denied, according to China media reports. Injet still has CNY7 million of uncollected accounts receivable from JYT.Industry sources noted that this case has been the most symbolic case in China.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment